NORTHERN TRUST CORP
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
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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.
Jun 30, 2024 · Filed Aug 1, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Financial Highlights (unaudited)
CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||
|---|---|---|---|---|---|---|
| CONDENSED INCOME STATEMENTS ($ In Millions) | 2024 | 2023 | % CHANGE(1) | 2024 | 2023 | % CHANGE(1) |
| Noninterest Income | $2,192.6 | $1,245.6 | 76% | $3,311.3 | $2,459.0 | 35% |
| Net Interest Income | 522.9 | 511.5 | 2 | 1,051.0 | 1,042.7 | 1 |
| Total Revenue | 2,715.5 | 1,757.1 | 55 | 4,362.3 | 3,501.7 | 25 |
| Provision for Credit Losses | 8.0 | (15.5) | N/M | (0.5) | (0.5) | N/M |
| Noninterest Expense | 1,533.9 | 1,331.9 | 15 | 2,898.6 | 2,617.5 | 11 |
| Income before Income Taxes | 1,173.6 | 440.7 | 166 | 1,464.2 | 884.7 | 66 |
| Provision for Income Taxes | 277.5 | 108.9 | 155 | 353.4 | 218.3 | 62 |
| Net Income | $896.1 | $331.8 | 170% | $1,110.8 | $666.4 | 67% |
| PER COMMON SHARE | ||||||
|---|---|---|---|---|---|---|
| Net Income — Basic | $4.35 | $1.56 | 179% | $5.30 | $3.07 | 72% |
| — Diluted | 4.34 | 1.56 | 179 | 5.28 | 3.07 | 72 |
| Cash Dividends Declared Per Common Share | 0.75 | 0.75 | — | 1.50 | 1.50 | — |
| Book Value — End of Period (EOP) | 58.38 | 51.94 | 12 | 58.38 | 51.94 | 12 |
| Market Price — EOP | 83.98 | 74.14 | 13 | 83.98 | 74.14 | 13 |
| SELECTED BALANCE SHEET DATA ($ In Millions) | JUNE 30, 2024 | DECEMBER 31, 2023 | % CHANGE(1) |
|---|---|---|---|
| End of Period: | |||
| Total Assets | $156,797.1 | $150,783.1 | 4% |
| Earning Assets | 144,445.3 | 140,369.6 | 3 |
| Deposits | 122,990.9 | 116,164.0 | 6 |
| Stockholders’ Equity | 12,655.8 | 11,897.9 | 6 |
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | % CHANGE(1) | 2024 | 2023 | % CHANGE(1) | |
| Average Balances: | ||||||
| Total Assets | $148,001.2 | $145,899.6 | 1% | $146,559.8 | $146,973.8 | —% |
| Earning Assets | 135,401.1 | 134,116.4 | 1 | 134,608.9 | 135,031.8 | — |
| Deposits | 113,341.6 | 105,598.7 | 7 | 112,852.2 | 108,874.0 | 4 |
| Stockholders’ Equity | 12,358.8 | 11,448.7 | 8 | 12,071.3 | 11,365.5 | 6 |
| CLIENT ASSETS ($ In Billions) | JUNE 30, 2024 | DECEMBER 31, 2023 | % CHANGE(1) |
|---|---|---|---|
| Assets Under Custody/Administration(2) | $16,567.4 | $15,404.9 | 8% |
| Assets Under Custody | 13,041.4 | 11,916.5 | 9 |
| Assets Under Management | 1,526.7 | 1,434.5 | 6 |
(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 JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Financial Ratios: | ||||
| Return on Average Common Equity | 31.2% | 12.4% | 19.6% | 12.4% |
| Return on Average Assets | 2.44 | 0.91 | 1.52 | 0.91 |
| Dividend Payout Ratio | 17.3 | 48.1 | 28.4 | 48.9 |
| Net Interest Margin(1) | 1.57 | 1.57 | 1.59 | 1.60 |
| JUNE 30, 2024 · DECEMBER 31, 2023 | ||||||
|---|---|---|---|---|---|---|
| STANDARDIZEDAPPROACH | ADVANCEDAPPROACH | STANDARDIZEDAPPROACH | ADVANCEDAPPROACH | WELL-CAPITALIZED RATIOS | MINIMUM CAPITAL RATIOS | |
| Capital Ratios: | ||||||
| Northern Trust Corporation | ||||||
| Common Equity Tier 1 Capital | 12.6% | 13.9% | 11.4% | 13.4% | N/A | 4.5% |
| Tier 1 Capital | 13.6 | 15.0 | 12.3 | 14.5 | 6.0 | 6.0 |
| Total Capital | 15.5 | 16.9 | 14.2 | 16.5 | 10.0 | 8.0 |
| Tier 1 Leverage | 8.0 | 8.0 | 8.1 | 8.1 | N/A | 4.0 |
| Supplementary Leverage | N/A | 9.1 | N/A | 8.6 | N/A | 3.0 |
| The Northern Trust Company | ||||||
| Common Equity Tier 1 Capital | 12.9% | 14.6% | 12.2% | 14.6% | 6.5% | 4.5% |
| Tier 1 Capital | 12.9 | 14.6 | 12.2 | 14.6 | 8.0 | 6.0 |
| Total Capital | 14.6 | 16.1 | 13.8 | 16.3 | 10.0 | 8.0 |
| Tier 1 Leverage | 7.6 | 7.6 | 8.0 | 8.0 | 5.0 | 4.0 |
| Supplementary Leverage | N/A | 8.6 | 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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