ntrs-20240416

Exhibit 99.1


NEWS RELEASE
www.northerntrust.com

INVESTOR CONTACT: Jennifer Childe | 312-444-3290 | [email protected] MEDIA CONTACT: Doug Holt | 312-662-8315 | [email protected]

NORTHERN TRUST CORPORATION REPORTS FIRST QUARTER
NET INCOME OF $214.7 MILLION, EARNINGS PER DILUTED COMMON SHARE OF $0.96

CHICAGO, APRIL 16, 2024 — Northern Trust Corporation today reported first quarter net income per diluted common share of $0.96, compared to $0.52 in the fourth quarter of 2023 and $1.51 in the first quarter of 2023. Net income was $214.7 million, compared to $113.1 million in the prior quarter and $334.6 million in the prior-year quarter.

First quarter 2024 results included the following:

•$189.4 million pre-tax loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio, recognized in Investment Security Gains (Losses), net (after-tax $141.5 million).

•$12.5 million pre-tax increase to Federal Deposit Insurance Corporation (FDIC) special assessment, recognized in Other Operating Expense (after-tax $9.3 million).


MICHAEL O’GRADY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER:
“Northern Trust delivered solid first quarter results. Trust fees grew sequentially and year over year, supported by underlying equity markets and improving momentum across our businesses. Net interest income also grew sequentially as a result of higher deposit levels. As we start the second quarter, we remain focused on further optimizing our growth, strengthening our resiliency and driving greater productivity.”


FINANCIAL SUMMARY & KEY METRICS
										% Change Q1 2024 vs.
($ In Millions except per share data)	Q1 2024			Q4 2023			Q1 2023			Q4 2023		Q1 2023
Trust, Investment and Other Servicing Fees	$	1,142.9		$	1,090.0		$	1,063.6		5	%	7	%
Other Noninterest Income (Loss)	(24.2)			(27.8)			149.8			(13)		N/M
Net Interest Income (FTE*)	535.4			501.1			544.4			7		(2)
Total Revenue (FTE*)	$	1,654.1		$	1,563.3		$	1,757.8		6	%	(6)	%

Noninterest Expense	$	1,364.7		$	1,388.5		$	1,285.6		(2)	%	6	%
Provision for Credit Losses	(8.5)			11.0			15.0			N/M		N/M
Provision for Income Taxes	75.9			32.7			109.4			133		(31)
FTE Adjustment*	7.3			18.0			13.2			(59)		(45)
Net Income	$	214.7		$	113.1		$	334.6		90	%	(36)	%

Earnings Allocated to Common and Potential Common Shares	$	196.1		$	106.5		$	315.2		84	%	(38)	%
Diluted Earnings per Common Share	$	0.96		$	0.52		$	1.51		85	%	(37)	%
Return on Average Common Equity	7.3		%	4.0		%	12.4		%
Return on Average Assets	0.60		%	0.33		%	0.92		%
Average Assets	$	145,118.3		$	136,588.7		$	148,059.9		6	%	(2)	%

N/M - Not meaningful

(*) 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.


NORTHERN TRUST CORPORATION FIRST QUARTER 2024 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 March 31, 2024 vs.
($ In Billions)	March 31, 2024*		December 31, 2023		March 31, 2023		December 31, 2023		March 31, 2023
Assets Under Custody/Administration
Asset Servicing	$	15,385.4	$	14,362.6	$	13,221.5	7	%	16	%
Wealth Management	1,087.1		1,042.3		953.3		4		14
Total Assets Under Custody/Administration	$	16,472.5	$	15,404.9	$	14,174.8	7	%	16	%
Assets Under Custody(1)
Asset Servicing	$	11,723.1	$	10,882.0	$	10,065.6	8	%	16	%
Wealth Management	1,081.0		1,034.5		947.6		4		14
Total Assets Under Custody	$	12,804.1	$	11,916.5	$	11,013.2	7	%	16	%
Assets Under Management
Asset Servicing	$	1,080.1	$	1,032.0	$	962.1	5	%	12	%
Wealth Management	420.6		402.5		368.3		5		14
Total Assets Under Management	$	1,500.7	$	1,434.5	$	1,330.4	5	%	13	%

(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.


TRUST, INVESTMENT AND OTHER SERVICING FEES
							% Change Q1 2024 vs.
($ In Millions)	Q1 2024		Q4 2023		Q1 2023		Q4 2023		Q1 2023
Asset Servicing Trust, Investment and Other Servicing Fees
Custody and Fund Administration	$	436.7	$	420.4	$	413.6	4	%	6	%
Investment Management	140.0		130.7		126.2		7		11
Securities Lending	17.9		22.0		19.1		(19)		(6)
Other	45.0		38.6		44.1		17		2
Total Asset Servicing	$	639.6	$	611.7	$	603.0	5	%	6	%

Wealth Management Trust, Investment and Other Servicing Fees
Central	$	178.3	$	171.9	$	163.6	4	%	9	%
East	129.9		121.5		119.8		7		8
West	99.9		97.3		91.2		3		10
Global Family Office (GFO)	95.2		87.6		86.0		9		11
Total Wealth Management	$	503.3	$	478.3	$	460.6	5	%	9	%

Total Consolidated Trust, Investment and Other Servicing Fees	$	1,142.9	$	1,090.0	$	1,063.6	5	%	7	%

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 sequentially and increased from the prior-year quarter.

▪Custody and fund administration fees increased sequentially primarily due to favorable markets. Custody and fund administration fees increased from the prior-year quarter primarily due to favorable markets and new business.

▪Investment management fees increased sequentially and from the prior-year quarter primarily due to favorable markets.

▪Other trust, investment and other servicing fees increased sequentially primarily due to higher fees associated with seasonal benefit payment services.

Total Wealth Management trust, investment and other servicing fees increased sequentially and increased from the prior-year quarter.

•Fees in the regions increased sequentially and from the prior-year quarter primarily due to favorable markets.

•Fees in GFO increased sequentially and from the prior-year quarter primarily due to favorable markets and asset inflows.


NORTHERN TRUST CORPORATION FIRST QUARTER 2024 RESULTS


OTHER NONINTEREST INCOME
							% Change Q1 2024 vs.
($ In Millions)	Q1 2024		Q4 2023		Q1 2023		Q4 2023		Q1 2023
Other Noninterest Income
Foreign Exchange Trading Income	$	57.0	$	49.0	$	53.0	16	%	8	%
Treasury Management Fees	9.3		7.8		8.4		21		11
Security Commissions and Trading Income	37.9		33.3		34.7		14		9
Other Operating Income	61.0		58.5		46.8		4		30
Investment Security Gains (Losses), net	(189.4)		(176.4)		6.9		7		N/M
Total Other Noninterest Income (Loss)	$	(24.2)	$	(27.8)	$	149.8	(13)	%	N/M

N/M - Not meaningful

Foreign exchange trading income increased sequentially and from the prior-year quarter primarily driven by higher client volumes.

Other operating income increased compared to the prior-year quarter primarily driven by higher income associated with a market value increase in supplemental compensation plans and lower expense associated with existing swap agreements related to Visa Inc. Class B common shares .

Investment Security Gains (Losses), net reflects the $189.4 million available for sale debt security loss as compared to the $176.4 million available for sale debt security loss in the prior quarter and $6.9 million gain on the sale of available for sale debt securities in the prior-year quarter, each arising from a repositioning of the portfolio.


NET INTEREST INCOME
										% Change Q1 2024 vs.
($ In Millions)	Q1 2024			Q4 2023			Q1 2023			Q4 2023		Q1 2023
Net Interest Income
Interest Income (FTE*)	$	2,452.9		$	2,217.6		$	1,468.6		11 %		67 %
Interest Expense	1,917.5			1,716.5			924.2			12		107
Net Interest Income (FTE*)	$	535.4		$	501.1		$	544.4		7	%	(2)	%
Average Earning Assets	$	133,817		$	125,025		$	135,957		7	%	(2)	%
Net Interest Margin (FTE*)	1.61		%	1.59		%	1.62		%	2	bps	(1)	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 due to an increase in deposits and higher average interest rates. Net interest income on an FTE basis decreased compared to the prior-year quarter primarily due to higher funding costs.

The net interest margin on an FTE basis increased sequentially primarily due to higher interest rates. The net interest margin on an FTE basis decreased from the prior-year quarter primarily due to higher funding costs.

Average earning assets increased sequentially primarily due to higher client deposits, partially offset by decreased borrowing activity. Average earning assets decreased compared to the prior-year quarter primarily due to lower borrowing activity.


NORTHERN TRUST CORPORATION FIRST QUARTER 2024 RESULTS


PROVISION FOR CREDIT LOSSES
	As of and for the three-months ended,						% Change March 31, 2024 vs.
($ In Millions)	March 31, 2024		December 31, 2023		March 31, 2023		December 31, 2023		March 31, 2023
Allowance for Credit Losses
Beginning Allowance for Credit Losses	$	220.4	$	211.8	$	200.9	4	%	10	%
Provision for Credit Losses	(8.5)		11.0		15.0		N/M		N/M
Net Recoveries (Charge-Offs)	(10.4)		(2.4)		(2.9)		N/M		N/M
Ending Allowance for Credit Losses	$	201.5	$	220.4	$	213.0	(9)	%	(5)	%
Allowance assigned to:
Loans	$	162.5	$	178.7	$	159.9	(9)	%	2	%
Undrawn Loan Commitments and Standby Letters of Credit	25.1		26.9		34.3		(7)		(27)
Debt Securities and Other Financial Assets	13.9		14.8		18.8		(6)		(26)
Ending Allowance for Credit Losses	$	201.5	$	220.4	$	213.0	(9)	%	(5)	%

N/M - Not meaningful

Q1 2024

The reserve release in the current quarter resulted from decreases in both individual and collective reserves. The decrease in individual reserves was driven by one Commercial and Institutional (C&I) loan that was subsequently charged-off. The decrease in collective reserve was primarily in the C&I portfolio, driven by improvement in the quality of the portfolio, and in the Commercial Real Estate (CRE) portfolio, driven by improved macroeconomic factors. The reserve evaluated on a collective basis relates to pooled financial assets sharing similar risk characteristics.

Q4 2023

The provision in the prior quarter was primarily due to an increase in the reserve evaluated on a collective basis and an increase in the reserve evaluated on an individual basis driven by a very small number of borrowers. The increase in the collective basis reserve was driven by methodology updates.

Q1 2023

The provision in the prior-year quarter was primarily due to an increase in the reserve evaluated on a collective basis, driven by growth in the size and duration of the commercial real estate portfolio, primarily in multi-family properties, partially offset by improvement in credit quality for the commercial and institutional segment.


NORTHERN TRUST CORPORATION FIRST QUARTER 2024 RESULTS


NONINTEREST EXPENSE
							% Change Q1 2024 vs.
($ In Millions)	Q1 2024		Q4 2023		Q1 2023		Q4 2023		Q1 2023
Noninterest Expense
Compensation	$	627.1	$	564.0	$	595.2	11	%	5	%
Employee Benefits	101.1		102.0		101.0		(1)		—
Outside Services	229.3		235.2		210.8		(2)		9
Equipment and Software	252.7		252.0		231.7		—		9
Occupancy	54.1		58.5		61.3		(8)		(12)
Other Operating Expense	100.4		176.8		85.6		(43)		17
Total Noninterest Expense	$	1,364.7	$	1,388.5	$	1,285.6	(2)	%	6	%
End of Period Full-Time Equivalent Employees	23,000		23,100		23,800		—	%	(3)	%

Compensation expense increased sequentially primarily due to higher seasonal incentives. Compensation expense increased compared to the prior-year quarter primarily due to higher salary expenses and higher incentives.

Outside services expense decreased sequentially primarily due to lower technical services costs and legal services. Outside services expense increased from the prior-year quarter primarily due to higher technical services and consulting fees, partially offset by lower subcustodian expense.

Equipment and software expense increased from the prior-year quarter primarily due to higher software amortization, partially offset by lower equipment depreciation.

Occupancy expense decreased sequentially primarily due to lower rent expense. Occupancy expense decreased compared to the prior-year quarter primarily due to a $9.8 million charge related to early lease exits recorded in the prior-year quarter.

Other operating expense decreased sequentially primarily due to the FDIC special assessment of $12.5 million in the current quarter as compared to $84.6 million in the prior quarter and the impact of reclassifying certain investment amortization to the Provision for Income Taxes from Other Operating Expense in accordance with a new accounting standard. Other operating expense increased from the prior-year quarter primarily due to the $12.5 million FDIC special assessment in the current quarter, partially offset by the impact of reclassifying certain investment amortization to the Provision for Income Taxes from Other Operating Expense in accordance with a new accounting standard.


PROVISION FOR INCOME TAX
										% Change Q1 2024 vs.
($ In Millions)	Q1 2024			Q4 2023			Q1 2023			Q4 2023		Q1 2023
Net Income
Income before Income Taxes	$	290.6		$	145.8		$	444.0		99	%	(35)	%
Provision for Income Taxes	75.9			32.7			109.4			133		(31)
Net Income	$	214.7		$	113.1		$	334.6		90	%	(36)	%
Effective Tax Rate	26.1		%	22.4		%	24.6		%	370	bps	150	bps

bps - basis points

The effective tax rate increased sequentially primarily due to lower net tax benefits from tax-credit investments, including the impact of reclassifying certain investment amortization to the Provision for Income Taxes from Other Operating Expense in accordance with a new accounting standard, partially offset by a lower state income tax provision. The increase from the prior-year quarter was primarily due a higher net tax impact from international operations and lower net tax benefits from tax-credit investments, including the impact of reclassifying certain investment amortization to the Provision for Income Taxes from Other Operating Expense in accordance with a new accounting standard.


NORTHERN TRUST CORPORATION FIRST QUARTER 2024 RESULTS


CAPITAL ACTIONS

The Corporation returned approximately $285.4 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 $153.4 million to common stockholders. The Corporation repurchased 1,647,526 shares of common stock, including 373,623 withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $132.0 million ($80.11 average price per share).

The Corporation also declared cash dividends totaling $16.2 million to preferred stockholders during the current quarter.


CAPITAL RATIOS

The capital ratios of Northern Trust Corporation and its principal subsidiary, The Northern Trust Company, remained strong at March 31, 2024, exceeding the minimum requirements for classification as “well-capitalized” under applicable U.S. regulatory requirements.

The table below provides capital ratios, as well as the required minimum capital ratios, for Northern Trust Corporation and The Northern Trust Company determined by Basel III phased-in requirements.


	March 31, 2024*				December 31, 2023				March 31, 2023
Capital Ratios - Northern Trust Corporation	Standardized Approach		Advanced Approach		Standardized Approach		Advanced Approach		Standardized Approach		Advanced Approach		Well-Capitalized Ratios	Minimum Capital Ratios
Common Equity Tier 1 Capital	11.4	%	13.5	%	11.4	%	13.4	%	11.3	%	11.7	%	N/A	4.5	%
Tier 1 Capital	12.4		14.6		12.3		14.5		12.3		12.7		6.0	6.0
Total Capital	14.2		16.5		14.2		16.5		14.4		14.7		10.0	8.0
Tier 1 Leverage	7.8		7.8		8.1		8.1		7.3		7.3		N/A	4.0
Supplementary Leverage	N/A		8.8		N/A		8.6		N/A		8.3		N/A	3.0


	March 31, 2024*				December 31, 2023				March 31, 2023
Capital Ratios - The Northern Trust Company	Standardized Approach		Advanced Approach		Standardized Approach		Advanced Approach		Standardized Approach		Advanced Approach		Well-Capitalized Ratios		Minimum Capital Ratios
Common Equity Tier 1 Capital	11.9	%	14.2	%	12.2	%	14.6	%	12.3	%	12.9	%	6.5	%	4.5	%
Tier 1 Capital	11.9		14.2		12.2		14.6		12.3		12.9		8.0		6.0
Total Capital	13.4		15.8		13.8		16.3		14.2		14.6		10.0		8.0
Tier 1 Leverage	7.4		7.4		8.0		8.0		7.3		7.3		5.0		4.0
Supplementary Leverage	N/A		8.5		N/A		8.5		N/A		8.3		3.0		3.0

(*) Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.


NORTHERN TRUST CORPORATION FIRST QUARTER 2024 RESULTS


RECONCILIATION TO FULLY TAXABLE EQUIVALENT

The following table presents a reconciliation of interest income, net interest income, net interest margin, and total revenue 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
	2024			2023
($ in Millions)	FIRST			FOURTH			THIRD			SECOND			FIRST
Net Interest Income
Interest Income - GAAP	$	2,445.6		$	2,199.6		$	1,935.0		$	1,735.0		$	1,455.4
Add: FTE Adjustment	7.3			18.0			13.2			13.1			13.2
Interest Income (FTE) - Non-GAAP	$	2,452.9		$	2,217.6		$	1,948.2		$	1,748.1		$	1,468.6

Net Interest Income - GAAP	$	528.1		$	483.1		$	456.2		$	511.5		$	531.2
Add: FTE Adjustment	7.3			18.0			13.2			13.1			13.2
Net Interest Income (FTE) - Non-GAAP	$	535.4		$	501.1		$	469.4		$	524.6		$	544.4

Net Interest Margin - GAAP(1)	1.59		%	1.53		%	1.41		%	1.53		%	1.58		%
Net Interest Margin (FTE) - Non-GAAP(1)	1.61		%	1.59		%	1.45		%	1.57		%	1.62		%

Total Revenue
Total Revenue - GAAP	$	1,646.8		$	1,545.3		$	1,726.5		$	1,757.1		$	1,744.6
Add: FTE Adjustment	7.3			18.0			13.2			13.1			13.2
Total Revenue (FTE) - Non-GAAP	$	1,654.1		$	1,563.3		$	1,739.7		$	1,770.2		$	1,757.8

(1)Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.


NORTHERN TRUST CORPORATION FIRST QUARTER 2024 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 FIRST QUARTER EARNINGS CONFERENCE CALL

Northern Trust’s first quarter earnings conference call will be webcast on April 16, 2024.

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 March 31, 2024, Northern Trust had assets under custody/administration of US$16.5 trillion, and assets under management of US$1.5 trillion. For more than 130 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 X (formerly Twitter) @NorthernTrust or Northern Trust Corporation 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.


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


STATEMENT OF INCOME DATA										% Change(1)
($ In Millions Except Per Share Data)										Q1 2024 vs.
	Q1 2024			Q4 2023			Q1 2023			Q4 2023		Q1 2023
Noninterest Income
Trust, Investment and Other Servicing Fees	$	1,142.9		$	1,090.0		$	1,063.6		5	%	7	%
Foreign Exchange Trading Income	57.0			49.0			53.0			16		8
Treasury Management Fees	9.3			7.8			8.4			21		11
Security Commissions and Trading Income	37.9			33.3			34.7			14		9
Other Operating Income	61.0			58.5			46.8			4		30
Investment Security Gains (Losses), net	(189.4)			(176.4)			6.9			7		N/M
Total Noninterest Income	1,118.7			1,062.2			1,213.4			5		(8)

Net Interest Income
Interest Income	2,445.6			2,199.6			1,455.4			11		68
Interest Expense	1,917.5			1,716.5			924.2			12		107
Net Interest Income	528.1			483.1			531.2			9		(1)

Total Revenue	1,646.8			1,545.3			1,744.6			7		(6)

Provision for Credit Losses	(8.5)			11.0			15.0			N/M		N/M

Noninterest Expense
Compensation	627.1			564.0			595.2			11		5
Employee Benefits	101.1			102.0			101.0			(1)		—
Outside Services	229.3			235.2			210.8			(2)		9
Equipment and Software	252.7			252.0			231.7			—		9
Occupancy	54.1			58.5			61.3			(8)		(12)
Other Operating Expense	100.4			176.8			85.6			(43)		17
Total Noninterest Expense	1,364.7			1,388.5			1,285.6			(2)		6

Income before Income Taxes	290.6			145.8			444.0			99		(35)
Provision for Income Taxes	75.9			32.7			109.4			133		(31)
NET INCOME	$	214.7		$	113.1		$	334.6		90	%	(36)	%
Preferred Stock Dividends	16.2			4.7			16.2			N/M		—
NET INCOME APPLICABLE TO COMMON STOCK	$	198.5		$	108.4		$	318.4		83	%	(38)	%
Earnings Allocated to Participating Securities	2.4			1.9			3.2			25		(26)
Earnings Allocated to Common and Potential Common Shares	$	196.1		$	106.5		$	315.2		84		(38)

Per Common Share
Net Income
Basic	$	0.96		$	0.52		$	1.51		85	%	(37)	%
Diluted	0.96			0.52			1.51			85		(37)

Average Common Equity	$	10,898.8		$	10,830.6		$	10,396.6		1	%	5	%
Return on Average Common Equity	7.3		%	4.0		%	12.4		%
Return on Average Assets	0.60		%	0.33		%	0.92		%

Cash Dividends Declared per Common Share	$	0.75		$	0.75		$	0.75		—	%	—	%

Average Common Shares Outstanding (000s)
Basic	204,629			206,170			208,187			(1)	%	(2)	%
Diluted	205,135			206,484			208,730			(1)		(2)
Common Shares Outstanding (EOP) (000s)	204,592			205,126			208,342			—		(2)

(1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.

N/M - Not meaningful

EOP - End of period


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


BALANCE SHEET
($ In Millions)							% Change(1)
							March 31, 2024 vs.
	March 31, 2024		December 31, 2023		March 31, 2023		December 31, 2023		March 31, 2023
Assets
Federal Reserve and Other Central Bank Deposits	$	40,269.5	$	34,281.0	$	39,220.0	17	%	3	%
Interest-Bearing Due from and Deposits with Banks(2)	4,646.1		5,241.4		5,053.3		(11)		(8)
Federal Funds Sold	—		—		—		—		—
Securities Purchased under Agreements to Resell	500.1		784.7		1,057.4		(36)		(53)
Debt Securities
Available for Sale	25,638.9		23,089.8		24,627.5		11		4
Held to Maturity	23,497.9		26,221.7		24,716.2		(10)		(5)
Trading Account	—		—		0.1		(6)		(99)
Total Debt Securities	49,136.8		49,311.5		49,343.8		—		—
Loans	47,342.6		47,617.0		42,369.5		(1)		12
Other Interest-Earning Assets(3)	2,600.8		3,134.0		2,233.5		(17)		16
Total Earning Assets	144,495.9		140,369.6		139,277.5		3		4
Allowance for Credit Losses	(175.8)		(192.3)		(176.9)		(9)		(1)
Cash and Due from Banks and Other Central Bank Deposits(4)	2,035.1		1,534.3		1,429.4		33		42
Buildings and Equipment	488.0		502.2		481.5		(3)		1
Client Security Settlement Receivables	116.4		212.6		1,300.5		(45)		(91)
Goodwill	697.5		702.3		695.1		(1)		—
Other Assets	8,453.9		7,654.4		8,100.9		10		4
Total Assets	$	156,111.0	$	150,783.1	$	151,108.0	4	%	3	%
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
Savings, Money Market and Other	$	25,893.5	$	25,252.1	$	23,183.4	3	%	12	%
Savings Certificates and Other Time	5,636.6		4,109.7		2,840.1		37		98
Non-U.S. Offices - Interest-Bearing	67,084.7		63,971.1		64,290.0		5		4
Total Interest-Bearing Deposits	98,614.8		93,332.9		90,313.5		6		9
Federal Funds Purchased	2,600.5		3,045.4		4,487.3		(15)		(42)
Securities Sold under Agreements to Repurchase	511.4		784.7		362.9		(35)		41
Other Borrowings(5)	6,526.2		6,567.8		11,365.1		(1)		(43)
Senior Notes	2,743.5		2,773.2		2,769.2		(1)		(1)
Long-Term Debt	4,069.0		4,065.0		2,070.9		—		96
Total Interest-Bearing Liabilities	115,065.4		110,569.0		111,368.9		4		3
Demand and Other Noninterest-Bearing Deposits	25,326.9		22,831.1		23,413.9		11		8
Other Liabilities	3,616.9		5,485.1		4,737.4		(34)		(24)
Total Liabilities	144,009.2		138,885.2		139,520.2		4		3
Common Equity	11,216.9		11,013.0		10,702.9		2		5
Preferred Equity	884.9		884.9		884.9		—		—
Total Equity	12,101.8		11,897.9		11,587.8		2		4
Total Liabilities and Stockholders’ Equity	$	156,111.0	$	150,783.1	$	151,108.0	4	%	3	%

(1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.

(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.


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


AVERAGE BALANCE SHEET
($ In Millions)							% Change(1)
							Q1 2024 vs.
	Q1 2024		Q4 2023		Q1 2023		Q4 2023		Q1 2023
Assets
Federal Reserve and Other Central Bank Deposits	$	35,897.3	$	25,951.3	$	36,641.8	38	%	(2)	%
Interest-Bearing Due from and Deposits with Banks(2)	4,418.0		4,261.6		4,198.7		4		5
Federal Funds Sold	0.5		1.0		19.7		(48)		(97)
Securities Purchased under Agreements to Resell	517.9		573.1		1,046.1		(10)		(50)
Debt Securities
Available for Sale	24,049.6		23,469.9		25,030.4		2		(4)
Held to Maturity	24,498.9		25,685.2		25,382.2		(5)		(3)
Trading Account	—		0.2		1.3		(80)		(97)
Total Debt Securities	48,548.5		49,155.3		50,413.9		(1)		(4)
Loans	41,586.9		42,170.0		41,959.4		(1)		(1)
Other Interest-Earning Assets(3)	2,847.7		2,912.8		1,677.8		(2)		70
Total Earning Assets	133,816.8		125,025.1		135,957.4		7		(2)
Allowance for Credit Losses	(191.8)		(182.5)		(161.5)		5		19
Cash and Due from Banks and Other Central Bank Deposits(4)	1,799.5		1,754.6		1,795.9		3		—
Buildings and Equipment	498.2		486.4		497.3		2		—
Client Security Settlement Receivables	238.6		205.9		1,098.5		16		(78)
Goodwill	699.4		696.4		692.3		—		1
Other Assets	8,257.6		8,602.8		8,180.0		(4)		1
Total Assets	$	145,118.3	$	136,588.7	$	148,059.9	6	%	(2)	%
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
Savings, Money Market and Other	$	27,349.0	$	23,888.7	$	27,268.8	14	%	—	%
Savings Certificates and Other Time	4,554.3		4,279.0		2,360.1		6		93
Non-U.S. Offices - Interest-Bearing	63,752.8		56,970.9		62,411.1		12		2
Total Interest-Bearing Deposits	95,656.1		85,138.6		92,040.0		12		4
Federal Funds Purchased	2,650.1		3,906.0		3,653.9		(32)		(27)
Securities Sold under Agreements to Repurchase	490.1		364.5		347.1		34		41
Other Borrowings(5)	6,852.1		6,960.8		11,324.0		(2)		(39)
Senior Notes	2,748.7		2,714.2		2,748.1		1		—
Long-Term Debt	4,067.0		4,064.1		2,066.3		—		97
Total Interest-Bearing Liabilities	112,464.1		103,148.2		112,179.4		9		—
Demand and Other Noninterest-Bearing Deposits	16,706.5		16,450.4		20,145.6		2		(17)
Other Liabilities	4,164.0		5,274.6		4,453.4		(21)		(7)
Total Liabilities	133,334.6		124,873.2		136,778.4		7		(3)
Common Equity	10,898.8		10,830.6		10,396.6		1		5
Preferred Equity	884.9		884.9		884.9		—		—
Total Equity	11,783.7		11,715.5		11,281.5		1		4
Total Liabilities and Stockholders’ Equity	$	145,118.3	$	136,588.7	$	148,059.9	6	%	(2)	%

(1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.

(5) Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


QUARTERLY TREND DATA	QUARTERS
($ In Millions Except Per Share Data)	2024			2023
	FIRST			FOURTH			THIRD			SECOND			FIRST
Net Income Summary
Trust, Investment and Other Servicing Fees	$	1,142.9		$	1,090.0		$	1,111.9		$	1,096.3		$	1,063.6
Other Noninterest Income	(24.2)			(27.8)			158.4			149.3			149.8
Net Interest Income	528.1			483.1			456.2			511.5			531.2
Total Revenue	1,646.8			1,545.3			1,726.5			1,757.1			1,744.6
Provision for Credit Losses	(8.5)			11.0			14.0			(15.5)			15.0
Noninterest Expense	1,364.7			1,388.5			1,278.2			1,331.9			1,285.6
Income before Income Taxes	290.6			145.8			434.3			440.7			444.0
Provision for Income Taxes	75.9			32.7			106.5			108.9			109.4
Net Income	$	214.7		$	113.1		$	327.8		$	331.8		$	334.6

Per Common Share
Net Income - Basic	$	0.96		$	0.52		$	1.49		$	1.56		$	1.51
- Diluted	0.96			0.52			1.49			1.56			1.51
Cash Dividends Declared per Common Share	0.75			0.75			0.75			0.75			0.75
Book Value (EOP)	54.83			53.69			52.95			51.94			51.37
Market Value (EOP)	88.92			84.38			69.48			74.14			88.13

Financial Ratios
Return on Average Common Equity	7.3		%	4.0		%	11.6		%	12.4		%	12.4		%
Return on Average Assets	0.60			0.33			0.93			0.91			0.92
Net Interest Margin (GAAP)	1.59			1.53			1.41			1.53			1.58
Net Interest Margin (FTE*)	1.61			1.59			1.45			1.57			1.62

Assets Under Custody / Administration ($ in Billions) - End Of Period
Asset Servicing	$	15,385.4		$	14,362.6		$	13,206.2		$	13,483.5		$	13,221.5
Wealth Management	1,087.1			1,042.3			958.5			995.4			953.3
Total Assets Under Custody / Administration	$	16,472.5		$	15,404.9		$	14,164.7		$	14,478.9		$	14,174.8

Assets Under Custody ($ In Billions) - End Of Period
Asset Servicing	$	11,723.1		$	10,882.0		$	10,064.4		$	10,295.7		$	10,065.6
Wealth Management	1,081.0			1,034.5			951.0			989.1			947.6
Total Assets Under Custody	$	12,804.1		$	11,916.5		$	11,015.4		$	11,284.8		$	11,013.2

Assets Under Management ($ In Billions) - End Of Period
Asset Servicing	$	1,080.1		$	1,032.0		$	963.4		$	989.8		$	962.1
Wealth Management	420.6			402.5			369.9			376.0			368.3
Total Assets Under Management	$	1,500.7		$	1,434.5		$	1,333.3		$	1,365.8		$	1,330.4

Asset Quality ($ In Millions) - End Of Period
Nonaccrual Loans	$	37.0		$	63.6		$	68.8		$	47.1		$	48.9
Other Real Estate Owned (OREO)	—			1.5			0.3			0.3			—
Total Nonaccrual Assets	$	37.0		$	65.1		$	69.1		$	47.4		$	48.9
Nonaccrual Assets / Loans and OREO	0.08		%	0.14		%	0.16		%	0.11		%	0.12		%
Gross Charge-offs	$	(11.1)		$	(3.1)		$	(0.8)		$	(0.8)		$	(4.0)
Gross Recoveries	0.7			0.7			1.1			0.8			1.1
Net Recoveries (Charge-offs)	$	(10.4)		$	(2.4)		$	0.3		$	—		$	(2.9)
Annualized Net Recoveries (Charge-offs) to Avg Loans	(0.10)		%	(0.02)		%	—		%	—		%	(0.03)		%
Allowance for Credit Losses Assigned to:
Loans	$	162.5		$	178.7		$	166.8		$	152.5		$	159.9
Undrawn Loan Commitments and Standby Letters of Credit	25.1			26.9			28.3			26.0			34.3
Debt Securities and Other Financial Assets	13.9			14.8			16.7			19.0			18.8
Loans Allowance / Nonaccrual Loans	4.4		x	2.8		x	2.4		x	3.2		x	3.3		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.

northerntrust.com / © 2024 Northern Trust 2 130+ years of strength, stability & stewardship Disciplined, client-centric strategy Product leadership & innovation Highest standards of client service Solutions-focused technology & integrated operating platform

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 11. 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 Financial Highlights & Key Metrics 4northerntrust.com / © 2024 Northern Trust Notable Items: 1Q24 Pre-tax • $189.4 million investment security loss • $12.5 million Federal Deposit Insurance Corporation (FDIC) special assessment 4Q23 Pre-tax • $176.4 million investment security loss • $84.6 million Federal Deposit Insurance Corporation (FDIC) special assessment 1Q23 Pre-tax • $6.9 million investment security gain • $9.8 million occupancy charge RESULTS INCLUDE IMPACT OF NOTABLE ITEMS $ in millions (except EPS and as noted) % CHANGE VS. 1Q 2024 4Q 2023 1Q 2023 Revenue (FTE¹) $ 1,654.1 6 % (6) % Noninterest Expense $ 1,364.7 (2) % 6 % Provision for (Release of) Credit Losses (8.5) N/M N/M Net Income $ 214.7 90 % (36) % Diluted Earnings per Share $ 0.96 85 % (37) % Return on Average Common Equity² 7.3 % 4.0 % 12.4 % Profit Margin (Pre-tax)¹ ,² 18.0 % 10.5 % 26.0 % Expense to Trust Fee Ratio² 119 % 127 % 121 % Assets under Custody / Administration³ (AUC/A) (in billions) $ 16,472.5 7 % 16 % Assets under Custody³ (AUC) (in billions) $ 12,804.1 7 % 16 % Assets under Management³ (AUM) (in billions) $ 1,500.7 5 % 13 %

northerntrust.com / © 2024 Northern Trust $603.0 $621.2 $626.0 $611.7 $639.6 $413.6 $427.4 $428.1 $420.4 $436.7 $126.2 $134.1 $137.1 $130.7 $140.0 $19.1 $21.5 $20.4 $22.0 $17.9$44.1 $38.2 $40.4 $38.6 $45.0 Other Securities Lending Investment Management Custody and Fund Administration 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 +5% Asset Servicing Highlights 5 Categories may not sum due to rounding. ¹ Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. % CHANGE VS. Asset Servicing Client Assets¹ (in billions): 1Q 2024 4Q 2023 1Q 2023 Assets under Custody / Administration (AUC/A) $ 15,385.4 7 % 16 % Assets under Custody (AUC) $ 11,723.1 8 % 16 % Assets under Management (AUM) $ 1,080.1 5 % 12 % Securities Lending Collateral $ 163.2 (3) % (3) % Asset Servicing Revenues ($ in millions) +6%

northerntrust.com / © 2024 Northern Trust Wealth Management Highlights 6 Categories may not sum due to rounding. ¹ Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. % CHANGE VS. Wealth Management Client Assets¹ (in billions): 1Q 2024 4Q 2023 1Q 2023 Assets under Custody / Administration (AUC/A) $ 1,087.1 4 % 14 % Assets under Custody (AUC) $ 1,081.0 4 % 14 % Assets under Management (AUM) $ 420.6 5 % 14 % Wealth Management Revenues ($ in millions) $460.6 $475.1 $485.9 $478.3 $503.3 $163.6 $166.0 $172.3 $171.9 $178.3 $119.8 $124.1 $126.1 $121.5 $129.9 $91.2 $93.7 $95.8 $97.3 $99.9 $86.0 $91.3 $91.7 $87.6 $95.2 Global Family Office (GFO) West East Central 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 +9% +5%

northerntrust.com / © 2024 Northern Trust $544.4 $524.6 $469.4 $501.1 $535.4 Net Interest Income (FTE¹) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 $136.0 $134.1 $128.3 $125.0 $133.8 $36.6 $34.4 $28.0 $26.0 $35.9 $50.4 $49.6 $50.4 $49.2 $48.5 $42.0 $42.4 $42.2 $42.2 $41.6 $6.9 $7.8 $7.7 $7.7 $7.8 Other Earning Assets² Loans Debt Securities Federal Reserve and Other Central Bank Deposits 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Net Interest Income and Balance Sheet Trends 7 Categories may not sum due to rounding. 1 Net interest income and net interest margin stated on an FTE basis are non-GAAP financial measures. A reconciliation of these measures to reported results prepared in accordance with U.S. GAAP is included in the Appendix on page 11. ² Other Earning Assets includes Interest-Bearing Due from and Deposits with Banks, Federal Funds Sold, Securities Purchased under Agreements to Resell, and Other Interest-Earning Assets. Average Earning Assets ($ in billions) Net Interest Income (FTE¹) ($ in millions) (2)% 1.62% 1.57% 1.45% 1.59% 1.61% Net Interest Margin (FTE¹) +7% (2)% +7%

$1,285.6 $1,331.9 $1,278.2 $1,388.5 $1,364.7 $696.2 $705.9 $658.9 $666.0 $728.2 $210.8 $230.9 $229.6 $235.2 $229.3 $231.7 $229.3 $232.5 $252.0 $252.7 $61.3 $53.8 $58.7 $58.5 $54.1$85.6 $112.0 $98.5 $176.8 $100.4 Other Operating Expense Occupancy Equipment and Software Outside Services Compensation and Employee Benefits 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Noninterest Expense 8northerntrust.com / © 2024 Northern Trust Expense Highlights • Expenses included the following: • FDIC Special Assessment in Other Operating Expense of $12.5 million in 1Q24 and $84.6 million in 4Q23 • Equipment and Software credit of $4.1 million in 3Q23 • Occupancy charge of $3.0 million in 3Q23 and $9.8 million in 1Q23 • Severance-related charge of $38.7 million in 2Q23 ($36.7 million in Compensation expense and $2.0 million in Outside Services expense) • Write-off of an investment in a client capability in Other Operating Expense of $25.6 million in 2Q23 Categories may not sum due to rounding. Total Noninterest Expense ($ in millions) +6% (2)%

7.3% 7.4% 7.9% 8.1% 7.8% 1Q23 2Q23 3Q23 4Q23 1Q24 11.3% 11.3% 11.4% 11.4% 11.4% 1Q23 2Q23 3Q23 4Q23 1Q24 Capital Update 9 Standardized Tier 1 Leverage northerntrust.com / © 2024 Northern Trust Capital Highlights • Robust capital and liquidity • $10.4 billion in Tier 1 capital • 58% of deposits covered by highly liquid assets including 32% by cash and central bank deposits • Declared $153.4 million in common stock dividends and $16.2 million in preferred stock dividends in 1Q24 • Repurchased $132.0 million of common stock in 1Q24 • Unrealized MTM loss on available- for-sale securities of $710.5 million as of March 31, 2024 • Completed sale of $2.2 billion of available-for-sale securities in January 2024 Northern Trust Corporation Capital Ratios 1Q 2024 CAPITAL RATIOS STANDARDIZED APPROACH ADVANCED APPROACH Common Equity Tier 1 Capital 11.4% 13.5% Tier 1 Capital 12.4% 14.6% Total Capital 14.2% 16.5% Tier 1 Leverage 7.8% 7.8% Supplementary Leverage N/A 8.8% 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.

northerntrust.com / © 2024 Northern Trust Reconciliation of Non-GAAP Financial Measures 11 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 2024 2023 ($ in Millions) FIRST FOURTH THIRD SECOND FIRST Net Interest Income Interest Income - GAAP $ 2,445.6 $ 2,199.6 $ 1,935.0 $ 1,735.0 $ 1,455.4 Add: FTE Adjustment 7.3 18.0 13.2 13.1 13.2 Interest Income (FTE) - Non-GAAP $ 2,452.9 $ 2,217.6 $ 1,948.2 $ 1,748.1 $ 1,468.6 Net Interest Income - GAAP $ 528.1 $ 483.1 $ 456.2 $ 511.5 $ 531.2 Add: FTE Adjustment 7.3 18.0 13.2 13.1 13.2 Net Interest Income (FTE) - Non-GAAP $ 535.4 $ 501.1 $ 469.4 $ 524.6 $ 544.4 Net Interest Margin - GAAP 1.59 % 1.53 % 1.41 % 1.53 % 1.58 % Net Interest Margin (FTE) - Non-GAAP 1.61 % 1.59 % 1.45 % 1.57 % 1.62 % Total Revenue Total Revenue - GAAP $ 1,646.8 $ 1,545.3 $ 1,726.5 $ 1,757.1 $ 1,744.6 Add: FTE Adjustment 7.3 18.0 13.2 13.1 13.2 Total Revenue (FTE) - Non-GAAP $ 1,654.1 $ 1,563.3 $ 1,739.7 $ 1,770.2 $ 1,757.8 Pre-Tax Income Pre-Tax Income - GAAP $ 290.6 $ 145.8 $ 434.3 $ 440.7 $ 444.0 Add: FTE Adjustment 7.3 18.0 13.2 13.1 13.2 Pre-Tax Income (FTE) - Non-GAAP $ 297.9 $ 163.8 $ 447.5 $ 453.8 $ 457.2 Profit Margin (Pre-Tax) Profit Margin (Pre-Tax) - GAAP 17.6 % 9.4 % 25.2 % 25.1 % 25.4 % Profit Margin (Pre-Tax) (FTE) - Non-GAAP 18.0 % 10.5 % 25.7 % 25.6 % 26.0 %

northerntrust.com / © 2024 Northern Trust Forward-looking Statements 12 This presentation 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. This presentation should be reviewed together with Northern Trust Corporation’s First Quarter 2024 earnings press release.

Exhibit 99.3

Financial Trends

First Quarter 2024

April 16, 2024

Please direct inquiries to:


Jennifer Childe
Senior Vice President, Director of Investor Relations
(312) 444-3290 or [email protected]

Grace Higgins
Second Vice President, Investor Relations
(847) 946-9113 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 First Quarter 2024 earnings press release, 2023 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

	1	7
	Financial Summary	Balance Sheet Mix Trends

	2	8
	Income Statement	Interest Rate Trends

	3	9
	Net Income Trends	Asset Quality

	4	10
	Fee Detail	Trust Assets

	5	11
	Balance Sheet (EOP)	Reconciliation to FTE

	6	12
	Balance Sheet Trends	Reconciliation to FTE (Ratios)


Northern Trust Corporation
FINANCIAL SUMMARY
($ in Millions except per share information)
																				2023												2024
		2019			2020			2021			2022			2023						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr	3rd Qtr	4th Qtr
																	Profitability:
		$	1,492.2		$	1,209.3		$	1,545.3		$	1,336.0		$	1,107.3		Net Income			$	334.6		$	331.8		$	327.8		$	113.1		$	214.7
		1,428.9			1,141.0			1,490.6			1,282.4			1,053.9			Earnings Allocated to Common and Potential			315.2			323.7			308.5			106.5			196.1
																		Common Shares

		$	6.66		$	5.48		$	7.16		$	6.16		$	5.09		Basic Earnings Per Share			$	1.51		$	1.56		$	1.49		$	0.52		$	0.96
		6.63			5.46			7.14			6.14			5.08			Diluted Earnings Per Share			1.51			1.56			1.49			0.52			0.96
		—		%	(18		%)	31		%	(14		%)	(17		%)	Diluted EPS Growth over Previous Year			(15		%)	(16		%)	(17		%)	(27		%)	(37		%)

		14.9		%	11.2		%	13.9		%	12.7		%	10.0		%	Return on Average Common Equity			12.4		%	12.4		%	11.6		%	4.0		%	7.3		%

		1.27		%	0.88		%	0.99		%	0.88		%	0.78		%	Return on Average Assets			0.92		%	0.91		%	0.93		%	0.33		%	0.60		%

		32.4		%	27.1		%	31.5		%	26.6		%	22.3		%	Profit Margin (pre-tax) (FTE)(1)			26.0		%	25.6		%	25.7		%	10.5		%	18.0		%
		24.4		%	19.7		%	23.8		%	19.6		%	16.2		%	Profit Margin (after-tax) (FTE)(1)			19.0		%	18.7		%	18.8		%	7.2		%	13.0		%

		72.0		%	75.9		%	78.2		%	71.6		%	70.1		%	Noninterest Income to Total Revenue (FTE)(1)			69.0		%	70.4		%	73.0		%	67.9		%	67.6		%

		63.1		%	65.1		%	67.1		%	65.1		%	63.9		%	Trust Fees to Total Revenue (FTE)(1)			60.5		%	61.9		%	63.9		%	69.7		%	69.1		%

		23.2		%	25.7		%	23.1		%	24.4		%	24.4		%	Effective Tax Rate (US GAAP)			24.6		%	24.7		%	24.5		%	22.4		%	26.1		%
		24.5		%	27.2		%	24.5		%	26.3		%	27.3		%	Effective Tax Rate (FTE)(1)			26.8		%	26.9		%	26.8		%	30.9		%	27.9		%

																	Capital Ratios:(2)
																		Standardized Approach
		12.7		%	12.8		%	11.9		%	10.8		%	11.4		%			Common Equity Tier 1 Capital	11.3		%	11.3		%	11.4		%	11.4		%	11.4		%
		14.5		%	13.9		%	12.9		%	11.8		%	12.3		%			Tier 1 Capital	12.3		%	12.3		%	12.4		%	12.3		%	12.4		%
		16.3		%	15.6		%	14.1		%	13.9		%	14.2		%			Total Capital	14.4		%	14.4		%	14.5		%	14.2		%	14.2		%
		8.7		%	7.6		%	6.9		%	7.1		%	8.1		%			Tier 1 Leverage	7.3		%	7.4		%	7.9		%	8.1		%	7.8		%

																		Advanced Approach
		13.2		%	13.4		%	13.2		%	11.5		%	13.4		%			Common Equity Tier 1 Capital	11.7		%	13.0		%	13.2		%	13.4		%	13.5		%
		15.0		%	14.5		%	14.3		%	12.5		%	14.5		%			Tier 1 Capital	12.7		%	14.1		%	14.3		%	14.5		%	14.6		%
		16.8		%	15.9		%	15.3		%	14.5		%	16.5		%			Total Capital	14.7		%	16.3		%	16.5		%	16.5		%	16.5		%
		8.7		%	7.6		%	6.9		%	7.1		%	8.1		%			Tier 1 Leverage	7.3		%	7.4		%	7.9		%	8.1		%	7.8		%
		7.6		%	8.6		%	8.2		%	7.9		%	8.6		%			Supplementary Leverage (3)	8.3		%	8.3		%	8.4		%	8.6		%	8.8		%

																	Per Share Information / Ratios:
		$	2.60		$	2.80		$	2.80		$	2.90		$	3.00		Cash Dividends Declared Per Common Share			$	0.75		$	0.75		$	0.75		$	0.75		$	0.75
		39		%	51		%	39		%	47		%	59		%	Dividend Payout Ratio			50		%	48		%	50		%	144		%	78		%

		$	106.24		$	93.14		$	119.61		$	88.49		$	84.38		Market Value Per Share (End of Period)			$	88.13		$	74.14		$	69.48		$	84.38		$	88.92
		16.0			17.1			16.8			14.4			16.6			Stock Price Multiple of Earnings			15.0			13.3			13.2			16.6			19.6
																	(based on trailing 4 quarters of diluted EPS)

		$	46.82		$	51.87		$	53.58		$	49.78		$	53.69		Book Value Per Common Share (End of Period)			$	51.37		$	51.94		$	52.95		$	53.69		$	54.83

	(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)	Capital 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.


	Northern Trust Corporation
	INCOME STATEMENT
	($ in Millions except per share information)

FIRST QUARTER		CHANGE (2)
		2024		2023		$		%
	Asset Servicing Trust, Investment and Other Servicing Fees	$	639.6	$	603.0	$	36.6	6	%
	WM Trust, Investment and Other Servicing Fees	503.3		460.6		42.7		9	%
	Total Fees	1,142.9		1,063.6		79.3		7	%
	Foreign Exchange Trading Income	57.0		53.0		4.0		8	%
	Treasury Management Fees	9.3		8.4		0.9		11	%
	Security Commissions and Trading Income	37.9		34.7		3.2		9	%
	Other Operating Income	61.0		46.8		14.2		30	%
	Investment Security Gains (Losses), net	(189.4)		6.9		(196.3)		N/M
	Total Noninterest Income	1,118.7		1,213.4		(94.7)		(8)	%

	Interest Income (FTE)(1)	2,452.9		1,468.6		984.3		67	%
	Interest Expense	1,917.5		924.2		993.3		107	%
	Net Interest Income (FTE)(1)	535.4		544.4		(9.0)		(2)	%

	Total Revenue (FTE)(1)	1,654.1		1,757.8		(103.7)		(6)	%

	Provision for Credit Losses	(8.5)		15.0		(23.5)		N/M

	Compensation	627.1		595.2		31.9		5	%
	Employee Benefits	101.1		101.0		0.1		—	%
	Outside Services	229.3		210.8		18.5		9	%
	Equipment and Software	252.7		231.7		21.0		9	%
	Occupancy	54.1		61.3		(7.2)		(12)	%
	Other Operating Expense	100.4		85.6		14.8		17	%
	Total Noninterest Expense	1,364.7		1,285.6		79.1		6	%
	Income before Income Taxes (FTE)(1)	297.9		457.2		(159.3)		(35)	%
	Provision for Income Taxes	75.9		109.4		(33.5)		(31)	%
	Taxable Equivalent Adjustment	7.3		13.2		(5.9)		(45)	%
	Total Taxes (FTE)(1)	83.2		122.6		(39.4)		(32)	%
	Net Income	$	214.7	$	334.6	$	(119.9)	(36)	%

	Dividends on Preferred Stock	$	16.2	$	16.2	$	—	—	%
	Earnings Allocated to Participating Securities	2.4		3.2		(0.8)		(26)	%
	Earnings Allocated to Common and Potential Common Shares	196.1		315.2		(119.1)		(38)	%

	Earnings Per Share - Basic	$	0.96	$	1.51	$	(0.55)	(37)	%
	Earnings Per Share - Diluted	$	0.96	$	1.51	$	(0.55)	(37)	%

	Average Basic Shares (000s)	204,629		208,187		(3,558)		(2)	%
	Average Diluted Shares (000s)	205,135		208,730		(3,595)		(2)	%
	End of Period Shares Outstanding (000s)	204,592		208,342		(3,750)		(2)	%

	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 Supplemental Consolidated Financial Information.


Northern Trust Corporation
NET INCOME TRENDS
($ in Millions except per share information)

													2023								2024
	2019		2020		2021		2022		2023				1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
	$	2,211.5	$	2,321.6	$	2,487.3	$	2,496.3	$	2,461.9	Asset Servicing Trust, Investment and Other Servicing Fees		$	603.0	$	621.2	$	626.0	$	611.7	$	639.6
	1,640.6		1,673.4		1,873.8		1,936.3		1,899.9		WM Trust, Investment and Other Servicing Fees		460.6		475.1		485.9		478.3		503.3
	3,852.1		3,995.0		4,361.1		4,432.6		4,361.8			Total Fees	1,063.6		1,096.3		1,111.9		1,090.0		1,142.9
	250.9		290.4		292.6		288.6		203.9		Foreign Exchange Trading Income		53.0		50.1		51.8		49.0		57.0
	44.5		45.4		44.3		39.3		31.6		Treasury Management Fees		8.4		7.9		7.5		7.8		9.3
	103.6		133.2		140.2		136.2		135.0		Security Commissions and Trading Income		34.7		36.1		30.9		33.3		37.9
	145.5		194.0		243.9		191.3		228.7		Other Operating Income		46.8		55.2		68.2		58.5		61.0
	(1.4)		(0.4)		(0.3)		(214.0)		(169.5)		Investment Security Gains (Losses), net		6.9		—		—		(176.4)		(189.4)
	4,395.2		4,657.6		5,081.8		4,874.0		4,791.5			Total Noninterest Income	1,213.4		1,245.6		1,270.3		1,062.2		1,118.7
	1,710.7		1,477.6		1,418.3		1,932.8		2,039.5		Net Interest Income (FTE)(1)		544.4		524.6		469.4		501.1		535.4
	6,105.9		6,135.2		6,500.1		6,806.8		6,831.0			Total Revenue (FTE)(1)	1,757.8		1,770.2		1,739.7		1,563.3		1,654.1

	(14.5)		125.0		(81.5)		12.0		24.5		Provision for (Release of) Credit Losses		15.0		(15.5)		14.0		11.0		(8.5)

	1,859.0		1,947.1		2,011.0		2,248.0		2,321.8		Compensation		595.2		604.5		558.1		564.0		627.1
	355.2		387.7		431.4		437.4		405.2		Employee Benefits		101.0		101.4		100.8		102.0		101.1
	774.5		763.1		849.4		880.3		906.5		Outside Services		210.8		230.9		229.6		235.2		229.3
	612.1		673.5		736.3		838.8		945.5		Equipment and Software		231.7		229.3		232.5		252.0		252.7
	212.9		230.1		208.7		219.1		232.3		Occupancy		61.3		53.8		58.7		58.5		54.1
	329.8		346.7		299.1		359.3		472.9		Other Operating Expense		85.6		112.0		98.5		176.8		100.4
	4,143.5		4,348.2		4,535.9		4,982.9		5,284.2			Total Noninterest Expense	1,285.6		1,331.9		1,278.2		1,388.5		1,364.7
	1,976.9		1,662.0		2,045.7		1,811.9		1,522.3			Income before Income Taxes (FTE)(1)	457.2		453.8		447.5		163.8		297.9
	451.9		418.3		464.8		430.3		357.5		Provision for Income Taxes		109.4		108.9		106.5		32.7		75.9
	32.8		34.4		35.6		45.6		57.5		Taxable Equivalent Adjustment		13.2		13.1		13.2		18.0		7.3
	484.7		452.7		500.4		475.9		415.0			Total Taxes (FTE)(1)	122.6		122.0		119.7		50.7		83.2
	$	1,492.2	$	1,209.3	$	1,545.3	$	1,336.0	$	1,107.3		Net Income	$	334.6	$	331.8	$	327.8	$	113.1	$	214.7
	$	6.66	$	5.48	$	7.16	$	6.16	$	5.09	Earnings Per Share - Basic		$	1.51	$	1.56	$	1.49	$	0.52	$	0.96
	6.63		5.46		7.14		6.14		5.08		Earnings Per Share - Diluted		1.51		1.56		1.49		0.52		0.96
	215,601		209,008		208,899		208,867		207,564		Average Diluted Shares (000s)		208,730		207,816		207,253		206,484		205,135
	$	46.4	$	56.2	$	41.8	$	41.8	$	41.8	Preferred Dividends(2)		$	16.2	$	4.7	$	16.2	$	4.7	$	16.2

	(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.


Northern Trust Corporation
TRUST, INVESTMENT AND OTHER SERVICING FEES DETAIL
($ in Millions)

													2023								2024
	2019		2020		2021		2022		2023		Asset Servicing		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
	$	1,549.3	$	1,586.1	$	1,818.8	$	1,700.1	$	1,689.5	Custody & Fund Administration		$	413.6	$	427.4	$	428.1	$	420.4	$	436.7
	445.7		511.1		443.5		555.1		528.1		Investment Management		126.2		134.1		137.1		130.7		140.0
	87.2		88.0		76.7		81.4		83.0		Securities Lending		19.1		21.5		20.4		22.0		17.9
	129.3		136.4		148.3		159.7		161.3		Other		44.1		38.2		40.4		38.6		45.0
	$	2,211.5	$	2,321.6	$	2,487.3	$	2,496.3	$	2,461.9		Total Asset Servicing Trust, Investment and Other Servicing Fees	$	603.0	$	621.2	$	626.0	$	611.7	$	639.6

											Wealth Management

	$	619.3	$	607.3	$	698.7	$	692.6	$	673.8	Central		$	163.6	$	166.0	$	172.3	$	171.9	$	178.3
	422.2		442.1		509.3		504.0		491.5		East		119.8		124.1		126.1		121.5		129.9
	330.9		337.7		380.2		382.1		378.0		West		91.2		93.7		95.8		97.3		99.9
	268.2		286.3		285.6		357.6		356.6		Global Family Office		86.0		91.3		91.7		87.6		95.2
	$	1,640.6	$	1,673.4	$	1,873.8	$	1,936.3	$	1,899.9		Total WM Trust, Investment and Other Servicing Fees	$	460.6	$	475.1	$	485.9	$	478.3	$	503.3


Northern Trust Corporation
BALANCE SHEET
END OF PERIOD
($ in Millions)
								CHANGE (5)
	Assets			3/31/2024		3/31/2023		$		%
		Federal Reserve and Other Central Bank Deposits		$	40,269.5	$	39,220.0	$	1,049.5	3	%
		Interest-Bearing Due from and Deposits with Banks(1)		4,646.1		5,053.3		(407.2)		(8)	%
		Federal Funds Sold		—		—		—		—	%
		Securities Purchased under Agreements to Resell		500.1		1,057.4		(557.3)		(53)	%
		Debt Securities:
			Available For Sale	25,638.9		24,627.5		1,011.4		4	%
			Held To Maturity	23,497.9		24,716.2		(1,218.3)		(5)	%
			Trading Account	—		0.1		(0.1)		(99)	%
			Total Debt Securities	49,136.8		49,343.8		(207.0)		—	%
		Loans		47,342.6		42,369.5		4,973.1		12	%
		Other Interest-Earning Assets(2)		2,600.8		2,233.5		367.3		16	%
			Total Earning Assets	144,495.9		139,277.5		5,218.4		4	%
		Allowance for Credit Losses		(175.8)		(176.9)		1.1		(1)	%
		Cash and Due From Banks and Other Central Bank Deposits(3)		2,035.1		1,429.4		605.7		42	%
		Buildings and Equipment		488.0		481.5		6.5		1	%
		Client Security Settlement Receivables		116.4		1,300.5		(1,184.1)		(91)	%
		Goodwill		697.5		695.1		2.4		—	%
		Other Assets		8,453.9		8,100.9		353.0		4	%
			Total Assets	$	156,111.0	$	151,108.0	$	5,003.0	3	%
	Liabilities and Stockholders' Equity
		Savings, Money Market and Other		$	25,893.5	$	23,183.4	$	2,710.1	12	%
		Savings Certificates and Other Time		5,636.6		2,840.1		2,796.5		98	%
		Non- U.S. Offices - Interest-Bearing		67,084.7		64,290.0		2,794.7		4	%
			Total Interest-Bearing Deposits	98,614.8		90,313.5		8,301.3		9	%
		Federal Funds Purchased		2,600.5		4,487.3		(1,886.8)		(42)	%
		Securities Sold under Agreements to Repurchase		511.4		362.9		148.5		41	%
		Other Borrowings(4)		6,526.2		11,365.1		(4,838.9)		(43)	%
		Senior Notes		2,743.5		2,769.2		(25.7)		(1)	%
		Long-Term Debt		4,069.0		2,070.9		1,998.1		96	%

			Total Interest-Bearing Liabilities	115,065.4		111,368.9		3,696.5		3	%
		Demand and Other Noninterest-Bearing Deposits		25,326.9		23,413.9		1,913.0		8	%
		Other Liabilities		3,616.9		4,737.4		(1,120.5)		(24)	%
			Total Liabilities	144,009.2		139,520.2		4,489.0		3	%
		Common Equity		11,216.9		10,702.9		514.0		5	%
		Preferred Equity		884.9		884.9		—		—	%
			Total Stockholders' Equity	12,101.8		11,587.8		514.0		4	%
			Total Liabilities and Stockholders' Equity	$	156,111.0	$	151,108.0	$	5,003.0	3	%

	(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 Supplemental Consolidated Financial Information.


Northern Trust Corporation
BALANCE SHEET TRENDS
PERIOD AVERAGES(1)
($ in Millions)

														2023								2024
	2019		2020		2021		2022		2023		Assets			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
	$	18,511.0	$	27,904.2	$	39,028.2	$	36,248.8	$	31,205.4		Federal Reserve and Other Central Bank Deposits		$	36,641.8	$	34,380.4	$	28,000.8	$	25,951.3	$	35,897.3
	5,996.7		5,400.8		5,779.7		4,192.5		4,333.9			Interest-Bearing Due from and Deposits with Banks(2)		4,198.7		4,573.4		4,301.4		4,261.6		4,418.0
	12.8		2.3		0.1		5.5		6.1			Federal Funds Sold		19.7		2.9		1.2		1.0		0.5
	835.0		1,253.1		1,067.4		1,071.2		950.9			Securities Purchased under Agreements to Resell		1,046.1		1,238.6		950.8		573.1		517.9
												Debt Securities:
	38,016.2		40,642.7		38,986.9		32,060.2		24,356.6				Available For Sale	25,030.4		24,511.8		24,430.7		23,469.9		24,049.6
	11,650.0		14,353.3		20,617.0		22,970.0		25,511.9				Held To Maturity	25,382.2		25,053.3		25,919.2		25,685.2		24,498.9
	1.2		1.1		0.6		12.1		0.5				Trading Account	1.3		0.2		0.4		0.2		—
	49,667.4		54,997.1		59,604.5		55,042.3		49,869.0				Total Debt Securities	50,413.9		49,565.3		50,350.3		49,155.3		48,548.5
	31,052.8		33,498.8		37,207.5		41,030.6		42,177.0			Loans and Leases		41,959.4		42,365.4		42,210.4		42,170.0		41,586.9
	1,033.7		1,076.6		1,185.6		1,248.1		2,259.0			Other Interest-Earning Assets(3)		1,677.8		1,990.4		2,439.5		2,912.8		2,847.7
	107,109.4		124,132.9		143,873.0		138,839.0		130,801.3				Total Earning Assets	135,957.4		134,116.4		128,254.4		125,025.1		133,816.8

	(111.4)		(178.0)		(173.0)		(154.1)		(172.8)			Allowance for Credit Losses		(161.5)		(176.6)		(170.4)		(182.5)		(191.8)
	2,393.6		2,603.0		2,285.9		2,069.5		1,771.6			Cash and Due From Banks and Other Central Bank Deposits(4)		1,795.9		1,842.5		1,694.6		1,754.6		1,799.5
	425.6		509.3		502.7		488.7		484.8			Buildings and Equipment		497.3		481.8		474.1		486.4		498.2
	1,070.4		1,357.5		1,530.1		1,722.3		558.8			Client Security Settlement Receivables		1,098.5		592.7		350.3		205.9		238.6
	682.5		695.4		707.3		692.2		696.2			Goodwill		692.3		697.0		698.9		696.4		699.4
	5,981.3		7,691.0		7,637.2		8,894.3		8,509.3			Other Assets		8,180.0		8,345.8		8,899.7		8,602.8		8,257.6
	$	117,551.4	$	136,811.1	$	156,363.2	$	152,551.9	$	142,649.2			Total Assets	$	148,059.9	$	145,899.6	$	140,201.6	$	136,588.7	$	145,118.3

											Liabilities and Stockholders' Equity
	$	16,577.8	$	23,396.4	$	28,339.0	$	30,205.0	$	24,172.4		Savings, Money Market and Other		$	27,268.8	$	22,961.2	$	22,624.9	$	23,888.7	$	27,349.0
	867.5		1,266.4		887.2		1,059.7		3,341.2			Savings Certificates and Other Time		2,360.1		3,036.1		3,665.2		4,279.0		4,554.3
	54,885.2		60,486.3		69,713.4		65,031.3		60,008.6			Non- U.S. Offices - Interest-Bearing		62,411.1		62,046.3		58,680.5		56,970.9		63,752.8
	72,330.5		85,149.1		98,939.6		96,296.0		87,522.2				Total Interest-Bearing Deposits	92,040.0		88,043.6		84,970.6		85,138.6		95,656.1
	1,267.0		980.9		190.6		1,407.8		5,144.3			Federal Funds Purchased		3,653.9		7,070.0		5,935.9		3,906.0		2,650.1
	339.0		218.3		232.0		433.6		401.5			Securities Sold under Agreements to Repurchase		347.1		467.8		426.0		364.5		490.1
	7,753.0		6,401.1		5,049.8		5,463.5		10,339.5			Other Borrowings(5)		11,324.0		12,132.6		10,981.7		6,960.8		6,852.1
	2,389.1		3,233.8		2,856.4		2,756.0		2,734.0			Senior Notes		2,748.1		2,761.1		2,713.2		2,714.2		2,748.7
	1,139.0		1,189.2		1,166.1		1,258.9		2,586.0			Long-Term Debt		2,066.3		2,069.7		2,126.9		4,064.1		4,067.0
	277.6		277.7		218.4		—		—			Floating Rate Capital Debt		—		—		—		—		—
	85,495.1		97,450.1		108,652.9		107,615.8		108,727.5				Total Interest-Bearing Liabilities	112,179.4		112,544.8		107,154.3		103,148.2		112,464.1
	17,455.5		23,362.0		31,143.5		29,296.4		17,723.3			Demand and Other Noninterest-Bearing Deposits		20,145.6		17,555.1		16,792.5		16,450.4		16,706.5
	3,952.4		4,806.4		4,869.8		4,558.3		4,701.6			Other Liabilities		4,453.4		4,351.0		4,718.2		5,274.6		4,164.0
	106,903.0		125,618.0		144,666.2		141,471.0		131,152.4				Total Liabilities	136,778.4		134,450.9		128,665.0		124,873.2		133,334.6
	9,705.2		10,306.7		10,812.1		10,196.5		10,611.9			Common Equity		10,396.6		10,563.8		10,651.7		10,830.6		10,898.8
	943.1		885.9		884.9		884.9		884.9			Preferred Equity		884.9		884.9		884.9		884.9		884.9
	10,648.0		11,193.0		11,697.0		11,081.4		11,496.8				Total Stockholders' Equity	11,281.5		11,448.7		11,536.6		11,715.5		11,783.7
	$	117,551.0	$	136,811.0	$	156,363.2	$	152,551.9	$	142,649.2			Total Liabilities and Stockholders' Equity	$	148,059.9	$	145,899.6	$	140,201.6	$	136,588.7	$	145,118.3


(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.


Northern Trust Corporation
BALANCE SHEET MIX TRENDS
PERIOD AVERAGES(1)

														2023								2024
	2019		2020		2021		2022		2023		Assets			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
	15.7	%	20.4	%	25.0	%	23.8	%	21.9	%		Federal Reserve and Other Central Bank Deposits		24.7	%	23.6	%	20.0	%	19.0	%	24.7	%
	5.1		3.9		3.7		2.7		3.0			Interest-Bearing Due from and Deposits with Banks(2)		2.8		3.1		3.1		3.1		3.0
	—		—		—		—		—			Federal Funds Sold		—		—		—		—		—
	0.7		0.9		0.7		0.7		0.7			Securities Purchased under Agreements to Resell		0.7		0.8		0.7		0.4		0.4
												Debt Securities:
	32.3		29.7		24.9		21.0		17.1				Available For Sale	16.9		16.8		17.4		17.2		16.6
	9.9		10.5		13.2		15.1		17.9				Held To Maturity	17.1		17.2		18.5		18.8		16.9
	—		—		—		—		—				Trading Account	—		—		—		—		—
	42.3		40.2		38.1		36.1		35.0				Total Debt Securities	34.0		34.0		35.9		36.0		33.5
	26.4		24.5		23.8		26.9		29.6			Loans and Leases		28.3		29.0		30.1		30.9		28.7
	0.9		0.8		0.8		0.8		1.6			Other Interest-Earning Assets(3)		1.1		1.4		1.7		2.1		2.0
	91.1		90.7		92.0		91.0		91.7				Total Earning Assets	91.8		91.9		91.5		91.5		92.2

	(0.1)		(0.1)		(0.1)		(0.1)		(0.1)			Allowance for Credit Losses		(0.1)		(0.1)		(0.1)		(0.1)		(0.1)
	2.0		1.9		1.5		1.4		1.2			Cash and Due From Banks and Other Central Bank Deposits(4)		1.2		1.3		1.2		1.3		1.2
	0.4		0.4		0.3		0.3		0.3			Buildings and Equipment		0.3		0.3		0.3		0.4		0.3
	0.9		1.0		1.0		1.1		0.4			Client Security Settlement Receivables		0.7		0.4		0.2		0.2		0.2
	0.6		0.5		0.5		0.5		0.5			Goodwill		0.5		0.5		0.5		0.5		0.5
	5.1		5.6		4.9		5.8		6.0			Other Assets		5.5		5.7		6.3		6.3		5.7
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%			Total Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

											Liabilities and Stockholders' Equity
	14.1	%	17.1	%	18.1	%	19.8	%	16.9	%		Savings, Money Market and Other		18.4	%	15.7	%	16.1	%	17.5	%	18.8	%
	0.7		0.9		0.6		0.7		2.3			Savings Certificates and Other Time		1.6		2.1		2.6		3.1		3.1
	46.7		44.2		44.6		42.6		42.1			Non- U.S. Offices - Interest-Bearing		42.2		42.5		41.9		41.7		43.9
	61.5		62.2		63.3		63.1		61.4				Total Interest-Bearing Deposits	62.2		60.3		60.6		62.3		65.9
	1.1		0.7		0.1		0.9		3.6			Federal Funds Purchased		2.5		4.8		4.2		2.9		1.8
	0.3		0.2		0.1		0.3		0.3			Securities Sold under Agreements to Repurchase		0.2		0.3		0.3		0.3		0.3
	6.6		4.7		3.2		3.6		7.2			Other Borrowings(5)		7.6		8.3		7.8		5.1		4.7
	2.0		2.4		1.8		1.8		1.9			Senior Notes		1.9		1.9		1.9		2.0		1.9
	1.0		0.9		0.7		0.8		1.8			Long-Term Debt		1.4		1.4		1.5		3.0		2.8
	0.2		0.2		0.1		—		—			Floating Rate Capital Debt		—		—		—		—		—
	72.7		71.2		69.5		70.5		76.2				Total Interest-Bearing Liabilities	75.8		77.1		76.4		75.5		77.5
	14.8		17.1		19.9		19.2		12.4			Demand and Other Noninterest-Bearing Deposits		13.6		12.0		12.0		12.0		11.5
	3.4		3.5		3.1		3.0		3.3			Other Liabilities		3.0		3.0		3.4		3.9		2.9
	90.9		91.8		92.5		92.7		91.9				Total Liabilities	92.4		92.2		91.8		91.4		91.9
	8.3		7.5		6.9		6.7		7.4			Common Equity		7.0		7.2		7.6		7.9		7.5
	0.8		0.6		0.6		0.6		0.6			Preferred Equity		0.6		0.6		0.6		0.6		0.6
	9.1		8.2		7.5		7.3		8.1				Total Stockholders' Equity	7.6		7.8		8.2		8.6		8.1
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%			Total Liabilities and Stockholders' Equity	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.


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).
															2023								2024
		2019		2020		2021		2022		2023		Earnings Assets			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
		0.98	%	0.10	%	0.03	%	1.30	%	4.69	%		Federal Reserve and Other Central Bank Deposits		4.17	%	4.65	%	4.99	%	5.11	%	5.15	%
		1.21	%	0.41	%	0.16	%	1.11	%	3.00	%		Interest-Bearing Due from and Deposits with Banks(2)		2.72	%	2.82	%	3.22	%	3.25	%	3.15	%
		2.73	%	1.37	%	0.41	%	3.22	%	4.92	%		Federal Funds Sold		4.79	%	5.25	%	5.62	%	5.63	%	5.64	%
		2.10	%	0.31	%	0.33	%	9.68	%	166.71	%		Securities Purchased under Agreements to Resell(5)		48.80	%	92.09	%	193.58	%	492.23	%	639.92	%
													Debt Securities:
		2.51	%	1.77	%	1.28	%	1.91	%	4.35	%			Available for Sale	3.80	%	4.17	%	4.51	%	4.94	%	5.41	%
		0.94	%	0.59	%	0.80	%	1.26	%	1.87	%			Held to Maturity	1.64	%	1.80	%	1.93	%	2.13	%	2.02	%
		3.29	%	3.27	%	1.59	%	3.84	%	13.50	%			Trading Account	7.63	%	42.53	%	21.15	%	5.19	%	—	%
		2.14	%	1.46	%	1.11	%	1.64	%	3.08	%			Total Debt Securities	2.72	%	2.97	%	3.18	%	3.46	%	3.70	%
		3.74	%	2.32	%	1.92	%	3.28	%	6.06	%		Loans and Leases		5.60	%	6.06	%	6.26	%	6.32	%	6.34	%
		3.56	%	3.63	%	3.43	%	4.03	%	4.87	%		Other Interest-Earning Assets(3)		4.67	%	5.04	%	4.65	%	5.05	%	4.51	%
		2.36	%	1.35	%	1.00	%	2.11	%	5.64	%			Total Earning Assets	4.38	%	5.23	%	6.03	%	7.04	%	7.37	%

												Interest-Bearing Funds
		0.97	%	0.20	%	0.05	%	0.74	%	2.85	%		Savings, Money Market and Other		2.35	%	2.67	%	3.05	%	3.40	%	3.72	%
		1.86	%	1.30	%	0.55	%	1.68	%	4.54	%		Savings Certificates and Other Time		3.70	%	4.23	%	4.69	%	5.10	%	5.19	%
		0.57	%	(0.03)	%	(0.11)	%	0.56	%	3.07	%		Non- U.S. Offices - Interest-Bearing		2.50	%	2.90	%	3.38	%	3.56	%	3.59	%
		0.68	%	0.06	%	(0.06)	%	0.63	%	3.07	%			Total Interest-Bearing Deposits	2.49	%	2.89	%	3.35	%	3.59	%	3.71	%
		2.05	%	0.22	%	(0.19)	%	2.43	%	4.99	%		Federal Funds Purchased		4.45	%	4.97	%	5.18	%	5.25	%	5.11	%
		1.89	%	0.47	%	0.07	%	20.94	%	383.84	%		Securities Sold under Agreements to Repurchase(5)		135.62	%	234.39	%	422.85	%	759.25	%	667.86	%
		2.34	%	0.71	%	0.28	%	2.31	%	5.25	%		Other Borrowings(4)		4.83	%	5.17	%	5.59	%	5.49	%	5.20	%
		3.04	%	2.24	%	1.69	%	3.36	%	6.22	%		Senior Notes		5.79	%	6.14	%	6.44	%	6.50	%	6.45	%
		3.36	%	2.24	%	1.81	%	3.49	%	5.69	%		Long-Term Debt		5.73	%	5.89	%	5.94	%	5.45	%	5.50	%
		2.98	%	1.52	%	0.78	%	—	%	—	%		Floating Rate Capital Debt		—	%	—	%	—	%	—	%	—	%
		0.96	%	0.21	%	0.02	%	0.92	%	4.91	%			Total Interest-Bearing Liabilities	3.34	%	4.36	%	5.48	%	6.60	%	6.86	%



		1.40	%	1.14	%	0.98	%	1.19	%	0.73	%		Net Interest Spread		1.04	%	0.87	%	0.55	%	0.44	%	0.51	%

		1.60	%	1.19	%	0.99	%	1.39	%	1.56	%		Net Interest Margin		1.62	%	1.57	%	1.45	%	1.59	%	1.61	%


	(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)	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)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
	(5)	Includes the impact of balance sheet netting under master netting arrangements of approximately $60.2 billion for the three months ended March 31, 2024. Excluding the impact of netting, the average interest rate on Securities Purchased under Agreements to Resell would be approximately 5.46% for the three months ended March 31, 2024. Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 5.39% for the three months ended March 31, 2024. See previous filings for impact of netting on prior periods.


Northern Trust Corporation
ASSET QUALITY
END OF PERIOD
($ in Millions)


																					2023												2024
		2019			2020			2021			2022			2023							1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr	3rd Qtr	4th Qtr

		$	138.2		$	124.4		$	259.9		$	184.7		$	200.9		Beginning Allowance for Credit Losses				$	200.9		$	213.0		$	197.5		$	211.8		$	220.4

		—			13.7			—			—			—			Cumulative Effect Adjustment(1)				—			—			—			—

		(14.5)			125.0			(81.5)			12.0			24.5			Provision for (Release of) Credit Losses				15.0			(15.5)			14.0			11.0			(8.5)

																	(Charge-offs) Recoveries
		(6.5)			(9.7)			(0.7)			(6.0)			(8.7)				Charge-offs			(4.0)			(0.8)			(0.8)			(3.1)			(11.1)
		7.2			6.5			7.0			10.2			3.7				Recoveries			1.1			0.8			1.1			0.7			0.7
		0.7			(3.2)			6.3			4.2			(5.0)					Net (Charge-offs) Recoveries		(2.9)			—			0.3			(2.4)			(10.4)


		$	124.4		$	259.9		$	184.7		$	200.9		$	220.4					Ending Allowance for Credit Losses	$	213.0		$	197.5		$	211.8		$	220.4		$	201.5

																	Allowance for Credit Losses Assigned to:
		$	104.5		$	190.7		$	138.4		$	144.3		$	178.7			Loans and Leases			$	159.9		$	152.5		$	166.8		$	178.7		$	162.5
		19.9			61.1			34.1			38.5			26.9				Undrawn Loan Commitments and Standby Letters of Credit			34.3			26.0			28.3			26.9			25.1
		—			8.1			12.2			18.1			14.8				Debt Securities and Other Financial Assets			18.8			19.0			16.7			14.8			13.9
		$	124.4		$	259.9		$	184.7		$	200.9		$	220.4				Total Allowance for Credit Losses		$	213.0		$	197.5		$	211.8		$	220.4		$	201.5

		$	31,053		$	33,499		$	37,208		$	41,031		$	42,177		Average Loans and Leases Outstanding				$	41,959		$	42,365		$	42,210		$	42,170		$	41,587

		—		%	(0.01)		%	0.02		%	0.01		%	(0.01)		%	Annualized Loan-Related Net (Charge-offs) Recoveries to				(0.03)		%	—		%	—		%	(0.02)		%	(0.10)		%
																		Average Loans and Leases

		$	31,410		$	33,760		$	40,481		$	42,893		$	47,617		End of Period Loans and Leases Outstanding				$	42,370		$	43,547		$	43,577		$	47,617		$	47,343

		0.33		%	0.56		%	0.34		%	0.34		%	0.38		%	Allowance for Credit Losses Assigned to Loans				0.38		%	0.35		%	0.38		%	0.38		%	0.34		%
																		and Leases to Total Loans and Leases

																	Nonaccrual Assets
		$	83.6		$	131.7		$	122.3		$	45.9		$	63.6			Nonaccrual Loans and Leases			$	48.9		$	47.1		$	68.8		$	63.6		$	37.0
		3.2			0.7			3.0			—			1.5				Other Real Estate Owned (OREO)			—			0.3			0.3			1.5			—
		$	86.8		$	132.4		$	125.3		$	45.9		$	65.1				Total Nonaccrual Assets		$	48.9		$	47.4		$	69.1		$	65.1		$	37.0

		0.28		%	0.39		%	0.31		%	0.11		%	0.14		%	Nonaccrual Assets to Loans and Leases and OREO				0.12		%	0.11		%	0.16		%	0.14		%	0.08		%
																	Loans and Leases Allowance to Nonaccrual
		1.3x			1.4x			1.1x			3.1x			2.8x				Loans and Leases			3.3x			3.2x			2.4x			2.8x			4.4x

	(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.


Northern Trust Corporation
ASSETS UNDER MANAGEMENT AND CUSTODY
END OF PERIOD
($ in Billions)

														2023								2024
	2019		2020		2021		2022		2023		Assets Under Management			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
	$	917.5	$	1,057.5	$	1,191.0	$	898.1	$	1,032.0	Asset Servicing			$	962.1	$	989.8	$	963.4	$	1,032.0	$	1,080.1
												Asset allocation:
	483.8		551.7		626.6		485.0		563.9				Equities	515.1		535.4		508.7		563.9		602.5
	114.6		120.1		132.6		107.1		116.2				Fixed Income Securities	107.3		108.8		109.7		116.2		116.3
	156.1		198.8		236.2		157.7		184.5				Cash and Other Assets	171.8		176.8		183.0		184.5		198.2
	163.0		186.9		195.6		148.3		167.4				Securities Lending Collateral	167.9		168.8		162.0		167.4		163.1

	$	313.8	$	347.8	$	416.1	$	351.4	$	402.5	Wealth Management			$	368.3	$	376.0	$	369.9	$	402.5	$	420.6
												Asset allocation:
	167.0		182.0		229.9		186.3		221.6				Equities	197.0		205.1		197.8		221.6		238.6
	79.2		84.7		83.5		79.4		87.2				Fixed Income Securities	80.3		79.9		80.5		87.2		87.2
	67.5		81.1		102.7		85.7		93.7				Cash and Other Assets	91.0		91.0		91.6		93.7		94.7
	0.1		—		—		—		—				Securities Lending Collateral	—		—		—		—		0.1
	$	1,231.3	$	1,405.3	$	1,607.1	$	1,249.5	$	1,434.5	Total Assets Under Management			$	1,330.4	$	1,365.8	$	1,333.3	$	1,434.5	$	1,500.7
												Asset allocation:
	$	650.8	$	733.7	$	856.5	$	671.3	$	785.5			Equities	$	712.1	$	740.5	$	706.5	$	785.5	841.1
	193.8		204.8		216.1		186.5		203.4				Fixed Income Securities	187.6		188.7		190.2		203.4		203.5
	223.6		279.9		338.9		243.4		278.2				Cash and Other Assets	262.8		267.8		274.6		278.2		292.9
	163.1		186.9		195.6		148.3		167.4				Securities Lending Collateral	167.9		168.8		162.0		167.4		163.2

											Assets Under Custody / Administration
	$	11,311.6	$	13,653.1	$	15,183.2	$	12,705.5	$	14,362.6		Asset Servicing		$	13,221.5	$	13,483.5	$	13,206.2	$	14,362.6	$	15,385.4
	738.8		879.4		1,065.6		898.5		1,042.3			Wealth Management		953.3		995.4		958.5		1,042.3		1,087.1
	$	12,050.4	$	14,532.5	$	16,248.8	$	13,604.0	$	15,404.9	Total Assets Under Custody / Administration			$	14,174.8	$	14,478.9	$	14,164.7	$	15,404.9	$	16,472.5
											Assets Under Custody
	$	8,497.8	$	10,387.7	$	11,554.8	$	9,712.3	$	10,882.0	Asset Servicing			$	10,065.6	$	10,295.7	$	10,064.4	$	10,882.0	$	11,723.1
												Asset allocation:
	3,866.6		4,751.0		5,404.3		4,312.8		5,028.9				Equities	4,546.1		4,739.3		4,590.7		5,028.9		5,511.4
	3,102.3		3,742.6		3,997.5		3,252.1		3,600.4				Fixed Income Securities	3,366.8		3,394.2		3,316.7		3,600.4		3,665.8
	1,365.9		1,707.2		1,957.4		1,999.1		2,085.3				Cash and Other Assets	1,984.8		1,993.4		1,995.0		2,085.3		2,382.8
	163.0		186.9		195.6		148.3		167.4				Securities Lending Collateral	167.9		168.8		162.0		167.4		163.1

	$	735.7	$	875.1	$	1,057.5	$	892.3	$	1,034.5	Wealth Management			$	947.6	$	989.1	$	951.0	$	1,034.5	$	1,081.0
												Asset allocation:
	432.0		542.9		644.8		497.9		623.6				Equities	545.0		589.4		550.7		623.6		661.1
	134.3		128.3		142.1		134.0		136.7				Fixed Income Securities	134.6		130.5		128.3		136.7		138.4
	169.3		203.9		270.6		260.4		274.2				Cash and Other Assets	268.0		269.2		272.0		274.2		281.4
	0.1		—		—		—		—				Securities Lending Collateral	—		—		—		—		0.1
	$	9,233.5	$	11,262.8	$	12,612.3	$	10,604.6	$	11,916.5	Total Assets Under Custody			$	11,013.2	$	11,284.8	$	11,015.4	$	11,916.5	$	12,804.1
												Asset allocation:
	$	4,298.6	$	5,293.9	$	6,049.1	$	4,810.7	$	5,652.5			Equities	$	5,091.1	$	5,328.7	$	5,141.4	$	5,652.5	$	6,172.5
	3,236.6		3,870.9		4,139.6		3,386.1		3,737.1				Fixed Income Securities	3,501.4		3,524.7		3,445.0		3,737.1		3,804.2
	1,535.2		1,911.1		2,228.0		2,259.5		2,359.5				Cash and Other Assets	2,252.8		2,262.6		2,267.0		2,359.5		2,664.2
	163.1		186.9		195.6		148.3		167.4				Securities Lending Collateral	167.9		168.8		162.0		167.4		163.2

											Memo
	$	94.2	$	114.0	$	144.9	$	119.9	$	144.3		WM Global Family Office AUM		$	126.2	$	128.5	$	128.9	$	144.3	$	152.4
	474.1		600.7		742.6		614.9		728.0			WM Global Family Office AUC		660.0		694.0		663.5		728.0		762.1


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.

													2023								2024
	2019		2020		2021		2022		2023				1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr

	$	2,499.9	$	1,643.5	$	1,406.5	$	2,877.7	$	7,325.0	Interest Income - GAAP		$	1,455.4	$	1,735.0	$	1,935.0	$	2,199.6	$	2,445.6
	32.8		34.4		35.6		45.6		57.5		Add: FTE Adjustment		13.2		13.1		13.2		18.0		7.3
	2,532.7		1,677.9		1,442.1		2,923.3		7,382.5			Interest Income (FTE) - Non-GAAP	1,468.6		1,748.1		1,948.2		2,217.6		2,452.9

	1,677.9		1,443.2		1,382.7		1,887.2		1,982.0		Net Interest Income - GAAP		531.2		511.5		456.2		483.1		528.1
	32.8		34.4		35.6		45.6		57.5		Add: FTE Adjustment		13.2		13.1		13.2		18.0		7.3
	1,710.7		1,477.6		1,418.3		1,932.8		2,039.5			Net Interest Income (FTE) - Non-GAAP	544.4		524.6		469.4		501.1		535.4

	6,073.1		6,100.8		6,464.5		6,761.2		6,773.5		Total Revenue - GAAP		1,744.6		1,757.1		1,726.5		1,545.3		1,646.8
	32.8		34.4		35.6		45.6		57.5		Add: FTE Adjustment		13.2		13.1		13.2		18.0		7.3
	6,105.9		6,135.2		6,500.1		6,806.8		6,831.0			Total Revenue (FTE) - Non-GAAP	1,757.8		1,770.2		1,739.7		1,563.3		1,654.1

	1,944.1		1,627.6		2,010.1		1,766.3		1,464.8		Income before Income Taxes - GAAP		444.0		440.7		434.3		145.8		290.6
	32.8		34.4		35.6		45.6		57.5		Add: FTE Adjustment		13.2		13.1		13.2		18.0		7.3
	1,976.9		1,662.0		2,045.7		1,811.9		1,522.3			Income before Income Taxes (FTE) - Non-GAAP	457.2		453.8		447.5		163.8		297.9

	451.9		418.3		464.8		430.3		357.5		Provision for Income Taxes - GAAP		109.4		108.9		106.5		32.7		75.9
	32.8		34.4		35.6		45.6		57.5		Add: FTE Adjustment		13.2		13.1		13.2		18.0		7.3
	484.7		452.7		500.4		475.9		415.0			Provision for Income Taxes (FTE) - Non-GAAP	122.6		122.0		119.7		50.7		83.2


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.

													2023								2024
		2019		2020		2021		2022		2023			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr

		32.0	%	26.7	%	31.1	%	26.1	%	21.6	%	Profit Margin (pre-tax) - GAAP (1)	25.4	%	25.1	%	25.2	%	9.4	%	17.6	%
		32.4	%	27.1	%	31.5	%	26.6	%	22.3	%	Profit Margin (pre-tax) (FTE) - Non-GAAP (1)	26.0	%	25.6	%	25.7	%	10.5	%	18.0	%

		24.6	%	19.8	%	23.9	%	19.8	%	16.3	%	Profit Margin (after-tax) - GAAP (2)	19.2	%	18.9	%	19.0	%	7.3	%	13.0	%
		24.4	%	19.7	%	23.8	%	19.6	%	16.2	%	Profit Margin (after-tax) (FTE) - Non-GAAP (2)	19.0	%	18.7	%	18.8	%	7.2	%	13.0	%

		23.2	%	25.7	%	23.1	%	24.4	%	24.4	%	Effective Tax Rate - GAAP (3)	24.6	%	24.7	%	24.5	%	22.4	%	26.1	%
		24.5	%	27.2	%	24.5	%	26.3	%	27.3	%	Effective Tax Rate (FTE) - Non-GAAP (3)	26.8	%	26.9	%	26.8	%	30.9	%	27.9	%

		72.4	%	76.3	%	78.6	%	72.1	%	70.7	%	Noninterest Income to Total Revenue - GAAP (4)	69.5	%	70.9	%	73.6	%	68.7	%	67.9	%
		72.0	%	75.9	%	78.2	%	71.6	%	70.1	%	Noninterest Income to Total Revenue (FTE) - Non-GAAP (4)	69.0	%	70.4	%	73.0	%	67.9	%	67.6	%

		63.4	%	65.5	%	67.5	%	65.6	%	64.4	%	Trust Fees to Total Revenue - GAAP (5)	61.0	%	62.4	%	64.4	%	70.5	%	69.4	%
		63.1	%	65.1	%	67.1	%	65.1	%	63.9	%	Trust Fees to Total Revenue (FTE) - Non-GAAP (5)	60.5	%	61.9	%	63.9	%	69.7	%	69.1	%

		1.37	%	1.11	%	0.96	%	1.15	%	0.69	%	Net Interest Spread - GAAP (6)	1.00	%	0.83	%	0.51	%	0.38	%	0.49	%
		1.40	%	1.14	%	0.98	%	1.19	%	0.73	%	Net Interest Spread (FTE) - Non-GAAP (6)	1.04	%	0.87	%	0.55	%	0.44	%	0.51	%

		1.57	%	1.16	%	0.96	%	1.36	%	1.52	%	Net Interest Margin - GAAP (7)	1.58	%	1.53	%	1.41	%	1.53	%	1.59	%
		1.60	%	1.19	%	0.99	%	1.39	%	1.56	%	Net Interest Margin (FTE) - Non-GAAP (7)	1.62	%	1.57	%	1.45	%	1.59	%	1.61	%

	(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.


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☐			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))


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $1.66 2/3 Par Value	NTRS	The NASDAQ Stock Market LLC
Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred Stock	NTRSO	The NASDAQ Stock Market LLC


			Exhibit Number			Description
			99.1			Press Release
			99.2			Presentation Materials
			99.3			Financial Trends
			104			The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


FORM			8-K/A