NORTHERN TRUST CORP

For the period ended Mar 31, 2024. Filed Apr 23, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed Apr 23, 2024

NTRS$177.89+0.1%Stored close · as of Nov 10, 2026

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Contents

Consolidated Financial Highlights (unaudited)

CONSOLIDATED FINANCIAL HIGHLIGHTS

(UNAUDITED)

	THREE MONTHS ENDED MARCH 31,
CONDENSED INCOME STATEMENTS ($ In Millions)	2024	2023	% CHANGE(1)
Noninterest Income	$1,118.7	$1,213.4	(8)%
Net Interest Income	528.1	531.2	(1)
Total Revenue	1,646.8	1,744.6	(6)
Provision for Credit Losses	(8.5)	15.0	N/M
Noninterest Expense	1,364.7	1,285.6	6
Income before Income Taxes	290.6	444.0	(35)
Provision for Income Taxes	75.9	109.4	(31)
Net Income	$214.7	$334.6	(36)%

PER COMMON SHARE
Net Income — Basic	$0.96	$1.51	(37)%
— Diluted	0.96	1.51	(37)
Cash Dividends Declared Per Common Share	0.75	0.75	—
Book Value — End of Period (EOP)	54.83	51.37	7
Market Price — EOP	88.92	88.13	1

SELECTED BALANCE SHEET DATA ($ In Millions)	MARCH 31, 2024	DECEMBER 31, 2023	% CHANGE(1)
End of Period:
Total Assets	$156,111.0	$150,783.1	4%
Earning Assets	144,495.9	140,369.6	3
Deposits	123,941.7	116,164.0	7
Stockholders’ Equity	12,101.8	11,897.9	2

	THREE MONTHS ENDED MARCH 31,
	2024	2023	% CHANGE(1)
Average Balances:
Total Assets	$145,118.3	$148,059.9	(2)%
Earning Assets	133,816.8	135,957.4	(2)
Deposits	112,362.6	112,185.6	—
Stockholders’ Equity	11,783.7	11,281.5	4

CLIENT ASSETS ($ In Billions)	MARCH 31, 2024	DECEMBER 31, 2023	% CHANGE(1)
Assets Under Custody/Administration(2)	$16,472.5	$15,404.9	7%
Assets Under Custody	12,804.1	11,916.5	7
Assets Under Management	1,500.7	1,434.5	5

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

(2) For the purposes of disclosing Assets Under Custody/Administration, to the extent that both custody and administration services are provided, the value of the assets is included only once in this amount.

SELECTED RATIOS AND METRICS

	THREE MONTHS ENDED MARCH 31,
	2024	2023
Financial Ratios:
Return on Average Common Equity	7.3%	12.4%
Return on Average Assets	0.60	0.92
Dividend Payout Ratio	78.1	49.7
Net Interest Margin(1)	1.61	1.62

MARCH 31, 2024 · DECEMBER 31, 2023
	STANDARDIZEDAPPROACH	ADVANCEDAPPROACH	STANDARDIZEDAPPROACH	ADVANCEDAPPROACH	WELL-CAPITALIZED RATIOS	MINIMUM CAPITAL RATIOS
Capital Ratios:
Northern Trust Corporation
Common Equity Tier 1 Capital	11.4%	13.5%	11.4%	13.4%	N/A	4.5%
Tier 1 Capital	12.4	14.6	12.3	14.5	6.0	6.0
Total Capital	14.2	16.5	14.2	16.5	10.0	8.0
Tier 1 Leverage	7.8	7.8	8.1	8.1	N/A	4.0
Supplementary Leverage	N/A	8.8	N/A	8.6	N/A	3.0
The Northern Trust Company
Common Equity Tier 1 Capital	11.9%	14.2%	12.2%	14.6%	6.5%	4.5%
Tier 1 Capital	11.9	14.2	12.2	14.6	8.0	6.0
Total Capital	13.4	15.8	13.8	16.3	10.0	8.0
Tier 1 Leverage	7.4	7.4	8.0	8.0	5.0	4.0
Supplementary Leverage	N/A	8.5	N/A	8.5	3.0	3.0

(1) Net interest margin is presented on a fully taxable equivalent (FTE) basis, a non-generally accepted accounting principle (GAAP) financial measure that facilitates the analysis of asset yields. The net interest margin on a GAAP basis and a reconciliation of net interest income on a GAAP basis to net interest income on an FTE basis are presented in “Reconciliation to Fully Taxable Equivalent” within the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section.

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