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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File No. 001-36609
NORTHERN TRUST CORPORATION
(Exact name of registrant as specified in its charter)
Delaware36-2723087
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
50 South LaSalle Street60603
Chicago,Illinois(Zip Code)
(Address of principal executive offices)
Registrant’s telephone number, including area code: (312) 630-6000
____________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1.66 2/3 Par ValueNTRSThe NASDAQ Stock Market LLC
Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred StockNTRSOThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer¨
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  x
At March 31, 2023, 208,342,348 shares of common stock, $1.66 2/3 par value, were outstanding.



NORTHERN TRUST CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023
TABLE OF CONTENTS
Page
i

CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
THREE MONTHS ENDED MARCH 31,
CONDENSED INCOME STATEMENTS ($ In Millions)20232022
% CHANGE(1)
Noninterest Income$1,213.4 $1,337.7 (9)%
Net Interest Income531.2 381.0 39 
Total Revenue1,744.6 1,718.7 
Provision for Credit Losses15.0 2.0 N/M
Noninterest Expense1,285.6 1,205.9 
Income before Income Taxes444.0 510.8 (13)
Provision for Income Taxes109.4 121.5 (10)
Net Income$334.6 $389.3 (14)%
PER COMMON SHARE
Net Income — Basic$1.51 $1.78 (15)%
— Diluted1.51 1.77 (15)
Cash Dividends Declared Per Common Share0.75 0.70 
Book Value — End of Period (EOP)51.37 50.51 
Market Price — EOP88.13 116.45 (24)
SELECTED BALANCE SHEET DATA ($ In Millions)MARCH 31, 2023DECEMBER 31, 2022
% CHANGE(1)
End of Period:
Total Assets$151,108.0 $155,036.7 (3)%
Earning Assets139,277.5 142,484.7 (2)
Deposits113,727.4 123,932.1 (8)
Stockholders’ Equity11,587.8 11,259.5 
THREE MONTHS ENDED MARCH 31,
20232022
% CHANGE(1)
Average Balances:
Total Assets$148,059.9 $162,143.0 (9)%
Earning Assets135,957.4 149,768.4 (9)
Deposits112,185.6 138,500.2 (19)
Stockholders’ Equity11,281.5 11,511.2 (2)
CLIENT ASSETS ($ In Billions)MARCH 31, 2023DECEMBER 31, 2022
% CHANGE(1)
Assets Under Custody/Administration(2)
$14,174.8 $13,604.0 %
Assets Under Custody11,013.2 10,604.6 
Assets Under Management1,330.4 1,249.5 
N/M - Not meaningful
(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.



1

SELECTED RATIOS AND METRICS
THREE MONTHS ENDED MARCH 31,
20232022
Financial Ratios:
Return on Average Common Equity12.4 %14.2 %
Return on Average Assets0.92 0.97 
Dividend Payout Ratio49.7 39.5 
Net Interest Margin(1)
1.62 1.05 
MARCH 31, 2023DECEMBER 31, 2022
STANDARDIZED
APPROACH
ADVANCED
APPROACH
STANDARDIZED
APPROACH
ADVANCED
APPROACH
WELL-CAPITALIZED RATIOSMINIMUM CAPITAL RATIOS
Capital Ratios:
Northern Trust Corporation
Common Equity Tier 1 Capital11.3 %11.7 %10.8 %11.5 %N/A4.5 %
Tier 1 Capital12.3 12.7 11.8 12.5 6.0 6.0 
Total Capital14.4 14.7 13.9 14.5 10.0 8.0 
Tier 1 Leverage7.3 7.3 7.1 7.1 N/A4.0 
Supplementary LeverageN/A8.3 N/A7.9 N/A3.0 
The Northern Trust Company
Common Equity Tier 1 Capital12.3 %12.9 %11.6 %12.4 %6.5 %4.5 %
Tier 1 Capital12.3 12.9 11.6 12.4 8.0 6.0 
Total Capital14.2 14.6 13.5 14.2 10.0 8.0 
Tier 1 Leverage7.3 7.3 6.9 6.9 5.0 4.0 
Supplementary LeverageN/A8.3 N/A7.7 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.
2


PART I – FINANCIAL INFORMATION
Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures about Market Risk
The following is management’s discussion and analysis of the financial condition and results of operations (MD&A) of Northern Trust Corporation (Corporation) for the first quarter of 2023. The following should be read in conjunction with the consolidated financial statements and related footnotes included in this report as well as the Annual Report on Form 10-K for the year ended December 31, 2022. Investors also should read the section entitled “Forward-Looking Statements.”
Certain terms used in this report are defined in the Glossary included in our Annual Report on Form 10-K for the year ended December 31, 2022.
FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS
General
The Corporation is a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals. The Corporation focuses on managing and servicing client assets through its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. Except where the context requires otherwise, the terms “Northern Trust,” “we,” “us,” “our,” “its,” or similar terms mean the Corporation and its subsidiaries on a consolidated basis.
Overview of Financial Results
Net Income per diluted common share was $1.51 in the current quarter and $1.77 in the first quarter of 2022. Net Income decreased $54.7 million to $334.6 million in the current quarter from $389.3 million in the prior-year quarter. Annualized return on average common equity was 12.4% in the current quarter and 14.2% in the prior-year quarter. The annualized return on average assets was 0.92% in the current quarter as compared to 0.97% in the prior-year quarter. Reflected in Net Income were impacts from the changes in monetary policy implemented by the Federal Reserve Board to address inflation, which positively impacted Net Interest Income while dampening equity market indices, adversely impacting fees earned based on market values. The impacts of a tight labor market are reflected in our Compensation expense. Inflationary pressures were also reflected in higher Equipment and Software expense.
Revenue increased $25.9 million, or 2%, to $1.74 billion in the current quarter from $1.72 billion in the prior-year quarter.
Trust, Investment and Other Servicing Fees decreased $104.8 million, or 9%, from $1.17 billion in the prior-year quarter to $1.06 billion in the current quarter, primarily due to lagged unfavorable markets, asset outflows, and unfavorable currency translation, partially offset by lower money market fund fee waivers.
Other Noninterest Income decreased $19.5 million, or 11%, from $169.3 million in the prior-year quarter to $149.8 million in the current quarter, primarily reflecting lower Foreign Exchange Trading Income, partially offset by changes in Investment Security Gains (Losses), net and higher Other Operating Income.
Net Interest Income increased $150.2 million, or 39%, to $531.2 million in the current quarter as compared to $381.0 million in the prior-year quarter, primarily due to a higher net interest margin, partially offset by lower average earning assets.
There was a $15.0 million Provision for Credit Losses in the current quarter, as compared to a $2.0 million Provision for Credit Losses in the prior-year quarter. The current quarter provision was primarily due to an increase in the reserve evaluated on a collective basis, driven by 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. The reserve evaluated on a collective basis relates to pooled financial assets sharing similar risk characteristics.
Noninterest Expense increased $79.7 million, or 7%, from $1.21 billion in the prior-year quarter to $1.29 billion in the current quarter, primarily attributable to higher Equipment and Software, Compensation, Occupancy, and Other Operating Expense.
The Provision for Income Taxes in the current quarter totaled $109.4 million, representing an effective tax rate of 24.6%. The Provision for Income Taxes in the prior-year quarter totaled $121.5 million, representing an effective tax rate of 23.8%. The effective tax rate increased compared to the prior-year quarter primarily due to a higher net tax impact from international operations and lower tax benefits from share-based compensation, partially offset by a higher level of tax benefits from tax-credit investments and tax-exempt income.


3

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees
Trust, Investment and Other Servicing Fees are based primarily on the market value of assets held in custody, managed or serviced; the volume of transactions; securities lending volume and spreads; and fees for other services rendered. Certain market value calculations on which fees are based are performed on a monthly or quarterly basis in arrears.
Northern Trust voluntarily waived $2.0 million of money market fund fees for the three months ended March 31, 2023 and $50.7 million of money market fund fees for the three months ended March 31, 2022.
The components of Trust, Investment and Other Servicing Fees are provided below.
TABLE 1: TRUST, INVESTMENT AND OTHER SERVICING FEES
THREE MONTHS ENDED MARCH 31,
($ In Millions)20232022CHANGE
Asset Servicing Trust, Investment and Other Servicing Fees
Custody and Fund Administration$413.6 $452.7 $(39.1)(9)%
Investment Management126.2 146.9 (20.7)(14)
Securities Lending19.1 18.8 0.3 
Other44.1 44.0 0.1 — 
Total Asset Servicing Trust, Investment and Other Servicing Fees$603.0 $662.4 $(59.4)(9)%
Wealth Management Trust, Investment and Other Servicing Fees
Central$163.6 $181.7 $(18.1)(10)%
East119.8 134.0 (14.2)(11)
West91.2 101.4 (10.2)(10)
Global Family Office86.0 88.9 (2.9)(3)
Total Wealth Management Trust, Investment and Other Servicing Fees$460.6 $506.0 $(45.4)(9)%
Total Consolidated Trust, Investment and Other Servicing Fees$1,063.6 $1,168.4 $(104.8)(9)%
Asset Servicing
Custody and Fund Administration fees, the largest component of Asset Servicing fees, are driven primarily by values of client assets under custody/administration (AUC/A), transaction volumes and the number of accounts. The asset values used to calculate these fees vary depending on the individual fee arrangements negotiated with each client. Custody fees related to asset values are client-specific and are priced based on month-end market values, quarter-end market values, or the average of month-end market values for the quarter. The fund administration fees that are asset-value-related are priced using month-end, quarter-end, or average daily balances. Investment Management fees are based generally on market values of client assets under management throughout the period. Typically, the asset values used to calculate fee revenue are based on a one-month or one-quarter lag. Securities Lending revenue is affected by market values; the demand for securities to be lent, which drives volumes; and the interest rate spread earned on the investment of cash deposited by investment firms as collateral for securities they have borrowed. The Other fee category in Asset Servicing includes such products as investment risk and analytical services, benefit payments, and other services. Revenue from these products is based generally on the volume of services provided or a fixed fee.
Custody and Fund Administration fees decreased from the prior-year quarter, primarily due to unfavorable markets and unfavorable currency translation.
Investment Management fees decreased from the prior-year quarter, primarily due to asset outflows and unfavorable markets, partially offset by lower money market fund fee waivers.
Wealth Management
Wealth Management fee income is calculated primarily based on market values and is impacted by both one-month and one-quarter lagged asset values. Fee income in the regions (Central, East and West) decreased from the prior-year quarter, due to unfavorable markets and product-related asset outflows, partially offset by lower money market fund fee waivers.
4

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)

Market Indices
The following tables present selected market indices and the percentage changes year-over-year to provide context regarding equity and fixed income market impacts on the Corporation’s results.
TABLE 2: EQUITY MARKET INDICES
DAILY AVERAGESPERIOD-END
THREE MONTHS ENDED MARCH 31,AS OF MARCH 31,
20232022CHANGE20232022CHANGE
S&P 5003,998 4,469 (11)%4,109 4,530 (9)%
MSCI EAFE (U.S. dollars)2,059 2,212 (7)2,093 2,182 (4)
MSCI EAFE (local currency)1,301 1,304 — 1,315 1,302 
TABLE 3: FIXED INCOME MARKET INDICES
AS OF MARCH 31,
20232022CHANGE
Barclays Capital U.S. Aggregate Bond Index2,109 2,215 (5)%
Barclays Capital Global Aggregate Bond Index459 500 (8)
Client Assets
As noted above, AUC/A and assets under management are two of the primary drivers of our Trust, Investment and Other Servicing Fees. For the purposes of disclosing AUC/A, to the extent that both custody and administration services are provided, the value of the assets is included only once in this amount. The following table presents AUC/A by reporting segment.
TABLE 4: ASSETS UNDER CUSTODY / ADMINISTRATION BY REPORTING SEGMENT
MARCH 31, 2023DECEMBER 31, 2022MARCH 31, 2022CHANGE Q1-23/Q4-22CHANGE Q1-23/Q1-22
($ In Billions)
Asset Servicing$13,221.5 $12,705.5 $14,513.0 %(9)%
Wealth Management953.3 898.5 1,031.1 (8)
Total Assets Under Custody / Administration$14,174.8 $13,604.0 $15,544.1 %(9)%
The following table presents Northern Trust’s assets under custody, a component of AUC/A, by reporting segment.
TABLE 5: ASSETS UNDER CUSTODY BY REPORTING SEGMENT
MARCH 31, 2023DECEMBER 31, 2022MARCH 31, 2022CHANGE Q1-23/Q4-22CHANGE Q1-23/Q1-22
($ In Billions)
Asset Servicing$10,065.6 $9,712.3 $10,987.5 %(8)%
Wealth Management947.6 892.3 1,022.9 (7)
Total Assets Under Custody$11,013.2 $10,604.6 $12,010.4 %(8)%
Consolidated assets under custody increased from the prior quarter primarily reflecting favorable markets and favorable currency translation, partially offset by asset outflows. Consolidated assets under custody decreased from the prior-year quarter, primarily reflecting unfavorable markets, unfavorable currency translation and asset outflows.
The following table presents the allocation of Northern Trust’s custodied assets by reporting segment.
TABLE 6: ALLOCATION OF ASSETS UNDER CUSTODY
MARCH 31, 2023DECEMBER 31, 2022MARCH 31, 2022
ASWMTOTALASWMTOTALASWMTOTAL
Equities45 %58 %46 %44 %56 %45 %46 %60 %47 %
Fixed Income Securities33 14 32 33 15 32 34 14 33 
Cash and Other Assets20 28 20 21 29 22 18 26 19 
Securities Lending Collateral2  2 — — 

5

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)

The following table presents Northern Trust’s assets under custody by investment type.
TABLE 7: ASSETS UNDER CUSTODY BY INVESTMENT TYPE
($ In Billions)MARCH 31, 2023DECEMBER 31, 2022MARCH 31, 2022CHANGE Q1-23/Q4-22CHANGE Q1-23/Q1-22
Equities$5,091.1 $4,810.7 $5,677.7 %(10)%
Fixed Income Securities3,501.4 3,386.1 3,909.4 (10)
Cash and Other Assets2,252.8 2,259.5 2,246.1 — — 
Securities Lending Collateral167.9 148.3 177.2 13 (5)
Total Assets Under Custody$11,013.2 $10,604.6 $12,010.4 %(8)%
The following table presents Northern Trust’s assets under management by reporting segment.
TABLE 8: ASSETS UNDER MANAGEMENT BY REPORTING SEGMENT
MARCH 31, 2023DECEMBER 31, 2022MARCH 31, 2022CHANGE Q1-23/Q4-22CHANGE Q1-23/Q1-22
($ In Billions)
Asset Servicing$962.1 $898.1 $1,091.6 %(12)%
Wealth Management368.3 351.4 396.2 (7)
Total Assets Under Management$1,330.4 $1,249.5 $1,487.8 %(11)%
Consolidated assets under management increased compared to the prior quarter, primarily reflecting the impact of favorable markets, favorable currency translation, and net inflows. Consolidated assets under management decreased compared to the prior-year quarter, primarily reflecting the impact of net outflows, unfavorable markets and unfavorable currency translation.
The following table presents the allocation of Northern Trust’s assets under management by reporting segment.
TABLE 9: ALLOCATION OF ASSETS UNDER MANAGEMENT
MARCH 31, 2023DECEMBER 31, 2022MARCH 31, 2022
ASWMTOTALASWMTOTALASWMTOTAL
Equities54 %53 %54 %54 %53 %54 %54 %55 %54 %
Fixed Income Securities11 22 14 12 23 15 11 21 14 
Cash and Other Assets18 25 19 17 24 19 19 24 20 
Securities Lending Collateral17  13 17 — 12 16 — 12 
The following table presents Northern Trust’s assets under management by investment type.
TABLE 10: ASSETS UNDER MANAGEMENT BY INVESTMENT TYPE
($ In Billions)MARCH 31, 2023DECEMBER 31, 2022MARCH 31, 2022CHANGE Q1-23/Q4-22CHANGE Q1-23/Q1-22
Equities$712.1 $671.3 $800.9 %(11)%
Fixed Income Securities187.6 186.5 204.4 (8)
Cash and Other Assets262.8 243.4 305.3 (14)
Securities Lending Collateral167.9 148.3 177.2 13 (5)
Total Assets Under Management$1,330.4 $1,249.5 $1,487.8 %(11)%
6

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)

The following table presents activity in consolidated assets under management by product.
TABLE 11: ACTIVITY IN CONSOLIDATED ASSETS UNDER MANAGEMENT BY PRODUCT
THREE MONTHS ENDED
($ In Billions)MARCH 31, 2023DECEMBER 31, 2022SEPTEMBER 30, 2022JUNE 30, 2022MARCH 31, 2022
Beginning Balance of AUM$1,249.5 $1,209.9 $1,302.8 $1,487.8 $1,607.1 
Inflows by Product
Equities52.1 37.7 39.5 51.4 59.1 
Fixed Income14.4 11.6 12.3 11.8 13.0 
Cash and Other Assets276.7 121.9 128.9 186.5 205.9 
Securities Lending Collateral66.3 48.2 55.3 61.6 70.2 
Total Inflows409.5 219.4 236.0 311.3 348.2 
Outflows by Product
Equities(59.2)(42.8)(56.5)(60.6)(72.0)
Fixed Income(16.6)(12.7)(12.4)(14.8)(15.6)
Cash and Other Assets(264.0)(128.5)(152.2)(220.3)(242.2)
Securities Lending Collateral(46.7)(62.0)(62.5)(69.5)(88.6)
Total Outflows(386.5)(246.0)(283.6)(365.2)(418.4)
Net Inflows (Outflows)23.0 (26.6)(47.6)(53.9)(70.2)
Market Performance, Currency & Other
Market Performance & Other52.4 55.9 (35.1)(118.5)(45.3)
Currency5.5 10.3 (10.2)(12.6)(3.8)
Total Market Performance, Currency & Other57.9 66.2 (45.3)(131.1)(49.1)
Ending Balance of AUM$1,330.4 $1,249.5 $1,209.9 $1,302.8 $1,487.8 
Other Noninterest Income
The components of Other Noninterest Income are provided below.
TABLE 12: OTHER NONINTEREST INCOME
THREE MONTHS ENDED MARCH 31,
($ In Millions)20232022CHANGE
Foreign Exchange Trading Income$53.0 $80.9 $(27.9)(35)%
Treasury Management Fees8.4 11.1 (2.7)(25)
Security Commissions and Trading Income34.7 36.2 (1.5)(4)
Other Operating Income46.8 41.1 5.7 14 
Investment Security Gains (Losses), net6.9 — 6.9 N/M
Total Other Noninterest Income$149.8 $169.3 $(19.5)(11)%
N/M - Not meaningful
Foreign Exchange Trading Income decreased compared to the prior-year quarter primarily driven by an unfavorable impact from foreign exchange swap activity and lower client volumes.
Other Operating Income increased compared to the prior-year quarter, primarily driven by increased income related to a bank-owned life insurance program and other miscellaneous income, partially offset by higher expenses related to existing swap agreements related to Visa Inc. Class B common shares. Please refer to Note 15—Other Operating Income to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited) for further detail.
Investment Security Gains (Losses), Net included a $6.9 million gain upon sale of certain available for sale debt securities in the current quarter. Please refer to Note 4—Securities to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited) for additional details related to the sale of available for sale debt securities.
7

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income
Net Interest Income is defined as the total of Interest Income and amortized fees on earning assets, less Interest Expense on deposits and borrowed funds, adjusted for the impact of interest-related hedging activity. Earning assets—including Federal Funds Sold, Securities Purchased under Agreements to Resell, Interest-Bearing Due From and Deposits with Banks, Federal Reserve and Other Central Bank Deposits, Securities, Loans, and Other Interest-Earning Assets—are financed by a large base of interest-bearing funds that include client deposits, short-term borrowings, Senior Notes and Long-Term Debt. Short-term borrowings include Federal Funds Purchased, Securities Sold Under Agreements to Repurchase, and Other Borrowings. Earning assets are also funded by noninterest-related funds, which include demand deposits and stockholders’ equity. Net Interest Income is subject to variations in the level and mix of earning assets and interest-bearing funds and their relative sensitivity to interest rates. In addition, the levels of nonaccruing assets and client compensating deposit balances used to pay for services impact Net Interest Income.
Net interest margin is the difference between what we earn on our assets and what we pay for deposits and other sources of funding. The direction and level of interest rates are important factors in our earnings. Net interest margin is calculated by dividing annualized Net Interest Income by average interest-earning assets.
Net Interest Income stated on a fully taxable equivalent (FTE) basis is a non-generally accepted accounting principle (GAAP) financial measure that facilitates the analysis of asset yields. Management believes an FTE presentation provides a clearer indication of net interest margins 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. A reconciliation of Net Interest Income on a GAAP basis to Net Interest Income on an FTE basis is provided in “Reconciliation to Fully Taxable Equivalent” within this MD&A.

8

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)
The following tables present an analysis of average daily balances and interest rates affecting Net Interest Income and an analysis of Net Interest Income changes.
TABLE 13: AVERAGE CONSOLIDATED BALANCE SHEETS WITH ANALYSIS OF NET INTEREST INCOME
(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS)FIRST QUARTER
20232022
($ In Millions)INTERESTAVERAGE BALANCE
AVERAGE RATE(6)
INTERESTAVERAGE BALANCE
AVERAGE RATE(6)
Interest-Earning Assets
Federal Reserve and Other Central Bank Deposits$377.0 $36,641.8 4.17 %$17.6 $45,199.5 0.16 %
Interest-Bearing Due from and Deposits with Banks(1)
28.2 4,198.7 2.72 2.6 4,384.0 0.24 
Federal Funds Sold0.2 19.7 4.79 — 0.7 0.45 
Securities Purchased under Agreements to Resell(2)
125.9 1,046.1 48.80 0.9 691.6 0.50 
Debt Securities
Available for Sale234.7 25,030.4 3.80 120.5 37,496.3 1.30 
Held to Maturity103.8 25,382.2 1.64 49.3 21,308.0 0.94 
Trading Account 1.3 7.63 — 0.9 10.09 
Total Debt Securities338.5 50,413.9 2.72 169.8 58,805.2 1.17 
Loans and Leases(3)
579.5 41,959.4 5.60 191.7 39,544.3 1.97 
Other Interest-Earning Assets(4)
19.3 1,677.8 4.67 7.6 1,143.1 2.69 
Total Interest-Earning Assets1,468.6 135,957.4 4.38 390.2 149,768.4 1.06 
Cash and Due from Banks and Other Central Bank Deposits(5)
 1,795.9  — 2,047.0  
Other Noninterest-Earning Assets 10,306.6  — 10,327.6  
Total Assets$ $148,059.9  %$— $162,143.0 — %
Average Source of Funds
Deposits
Savings, Money Market and Other$158.0 $27,268.8 2.35 %$3.3 $32,329.2 0.04 %
Savings Certificates and Other Time21.6 2,360.1 3.70 1.1 842.3 0.51 
Non-U.S. Offices — Interest-Bearing385.0 62,411.1 2.50 (20.3)68,199.6 (0.12)
Total Interest-Bearing Deposits564.6 92,040.0 2.49 (15.9)101,371.1 (0.06)
Federal Funds Purchased40.1 3,653.9 4.45 — 0.2 0.05 
Securities Sold under Agreements to Repurchase(2)
116.1 347.1 135.62 0.3 253.7 0.49 
Other Borrowings135.0 11,324.0 4.83 3.1 3,690.7 0.35 
Senior Notes39.2 2,748.1 5.79 9.6 2,442.4 1.59 
Long-Term Debt29.2 2,066.3 5.73 5.4 1,128.3 1.94 
Total Interest-Related Funds924.2 112,179.4 3.34 2.5 108,886.4 0.01 
Interest Rate Spread  1.04 — — 1.05 
Demand and Other Noninterest-Bearing Deposits 20,145.6  — 37,129.1 — 
Other Noninterest-Bearing Liabilities 4,453.4  — 4,616.3 — 
Stockholders’ Equity 11,281.5  — 11,511.2 — 
Total Liabilities and Stockholders’ Equity$ $148,059.9  %$— $162,143.0 — %
Net Interest Income/Margin (FTE Adjusted)$544.4 $ 1.62 %$387.7 $— 1.05 %
Net Interest Income/Margin (Unadjusted)$531.2 $ 1.58 %$381.0 $— 1.03 %
(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.
(2)Includes the impact of balance sheet netting under master netting arrangements of approximately $10.0 billion and $1.1 billion for the three months ended March 31, 2023 and 2022, respectively. Excluding the impact of netting for the three months ended March 31, 2023, the average interest rate on Securities Purchased under Agreements to Resell would be approximately 4.63%. Excluding the impact of netting for the three months ended March 31, 2023, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 4.56%. Northern Trust is an approved Government Securities Division (GSD) netting and sponsoring member in the Fixed Income Clearing Corporation (FICC) sponsored member program, through which Northern Trust submits eligible repurchase and reverse repurchase transactions in U.S. Government securities between Northern Trust and its sponsored member clients for novation and clearing. Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when FICC is the counterparty.
(3)Average balances include nonaccrual loans and leases.
(4)Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets.
(5)Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits on the consolidated balance sheets.
(6)Rate calculations are based on actual balances rather than the rounded amounts presented in the Average Consolidated Balance Sheets with Analysis of Net Interest Income.


9

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)
TABLE 14: ANALYSIS OF NET INTEREST INCOME CHANGES DUE TO VOLUME AND RATE(1)
(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS)THREE MONTHS ENDED MARCH 31, 2023/2022
CHANGE DUE TO
(In Millions)AVERAGE BALANCEAVERAGE RATENET (DECREASE) INCREASE
Increase (Decrease) in Net Interest Income (FTE)
Federal Reserve and Other Central Bank Deposits$(4.0)$363.4 $359.4 
Interest-Bearing Due from and Deposits with Banks(0.1)25.7 25.6 
Federal Funds Sold0.1 0.1 0.2 
Securities Purchased under Agreements to Resell0.6 124.4 125.0 
Debt Securities
Available for Sale(75.4)189.6 114.2 
Held to Maturity11.1 43.4 54.5 
Trading Account   
Total Debt Securities(64.3)233.0 168.7 
Loans and Leases12.4 375.4 387.8 
Other Interest-Earning Assets4.6 7.1 11.7 
Total Interest Income$(50.7)$1,129.1 $1,078.4 
Interest-Bearing Deposits
Savings, Money Market and Other$(17.9)$172.6 $154.7 
Savings Certificates and Other Time4.6 15.9 20.5 
Non-U.S. Offices - Interest-Bearing(1.8)407.1 405.3 
Total Interest-Bearing Deposits(15.1)595.6 580.5 
Federal Funds Purchased40.1  40.1 
Securities Sold under Agreements to Repurchase0.1 115.7 115.8 
Other Borrowings18.1 113.8 131.9 
Senior Notes1.3 28.3 29.6 
Long-Term Debt7.1 16.7 23.8 
Total Interest Expense$51.6 $870.1 $921.7 
Increase (Decrease) in Net Interest Income (FTE)$(102.3)$259.0 $156.7 
(1)Changes not due solely to average balance changes or rate changes are allocated proportionately to average balance and rate based on their relative absolute magnitudes.

Notes:    Net Interest Income (FTE), a non-GAAP financial measure, includes adjustments to a fully taxable equivalent basis for loans, securities and other interest-earning assets. The adjustments are based on a federal income tax rate of 21.0%, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. Total taxable equivalent interest adjustments amounted to $13.2 million and $6.7 million for the three months ended March 31, 2023 and 2022, respectively. A reconciliation of Net Interest Income and net interest margin on a GAAP basis to Net Interest Income and net interest margin on an FTE basis (each of which is a non-GAAP financial measure) is provided in “Reconciliation to Fully Taxable Equivalent” within this MD&A. Net interest margin is calculated by dividing annualized Net Interest Income by average interest-earning assets.
Interest revenue on cash collateral positions is reported above in Interest-Bearing Due from and Deposits with Banks and in Loans and Leases. Interest Expense on cash collateral positions is reported above in Non-U.S. Offices Interest-Bearing Deposits. Related cash collateral received from and deposited with derivative counterparties is recorded net of the associated derivative contract in Other Assets and Other Liabilities, respectively.
Net Interest Income, stated on a FTE basis, increased from the prior-year quarter, primarily due to a higher net interest margin, partially offset by lower average earning assets. Average earning assets decreased from the prior-year quarter, primarily due to decreased funding from client deposits, partially offset by higher short-term borrowing activity. For interest-earning assets, this manifested in lower levels of securities and interest-bearing deposits with banks, partially offset by higher level of loans.
The net interest margin on an FTE basis increased from the prior-year quarter, primarily due to higher average interest rates.
Federal Reserve and Other Central Bank Deposits averaged $36.6 billion and decreased $8.6 billion, or 19%, from $45.2 billion in the prior-year quarter. Interest-Bearing Due from and Deposits with Banks averaged $4.2 billion and decreased $0.2 billion, or 4%, from $4.4 billion in the prior-year quarter. Average Securities were $50.4 billion and decreased $8.4 billion, or 14%, from $58.8 billion in the prior-year quarter. Average Other Interest-Earning Assets include certain community development investments, Federal Home Loan Bank stock, collateral deposits with certain securities depositories and clearing houses, Federal Reserve stock, and money market investments of $901.3 million, $353.0 million, $166.7 million, $70.0 million, and $62.3 million respectively, which are recorded in Other Assets on the consolidated balance sheets. Average taxable Securities were $47.4 billion in the current quarter and $56.3 billion in the prior-year quarter. Average nontaxable Securities, which represent securities that are primarily exempt from U.S. federal and state income taxes, were $3.0 billion in the current quarter and $2.5 billion in the prior-year quarter.
10

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)
Loans and Leases averaged $42.0 billion and increased $2.5 billion, or 6%, from $39.5 billion in the prior-year quarter, primarily reflecting higher levels of commercial and institutional, non-U.S., commercial real estate, and residential real estate loans, partially offset by lower levels of private client loans. Commercial and institutional loans averaged $12.4 billion and increased $740.8 million, or 6%, from $11.7 billion for the prior-year quarter. Non-U.S. loans averaged $3.6 billion and increased $676.6 million or 23%, from $2.9 billion for the prior-year quarter. Commercial real estate loans averaged $4.9 billion and increased $590.0 million, or 14%, from $4.3 billion for the prior-year quarter. Residential real estate loans averaged $6.4 billion and increased $228.6 million, or 4%, from $6.2 billion for the prior-year quarter. Private client loans averaged $13.9 billion and decreased $182.8 million, or 1%, from $14.1 billion for the prior-year quarter.
Northern Trust utilizes a diverse mix of funding sources. Average Interest-Bearing Deposits decreased $9.4 billion, or 9%, to an average of $92.0 billion in the current quarter from $101.4 billion in the prior-year quarter. Other Average Interest-Related Funds increased $12.6 billion, or 168%, to an average of $20.1 billion in the current quarter from $7.5 billion in the prior-year quarter. The balances within short-term borrowing classifications vary based on funding requirements and strategies, interest rate levels, changes in the volume of lower-cost deposit sources, and the availability of collateral to secure these borrowings.
Interest expense for Interest-Bearing Deposits in the current quarter was driven by higher interest rates. Average Non-U.S. Offices Interest-Bearing Deposits comprised 68% and 67% of total average Interest-Bearing Deposits for the three months ended March 31, 2023 and 2022, respectively.
Provision for Credit Losses
There was a $15.0 million Provision for Credit Losses in the current quarter, as compared to a $2.0 million Provision for Credit Losses in the prior-year quarter. The provision in the current 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. The reserve evaluated on a collective basis relates to pooled financial assets sharing similar risk characteristics.
The Provision for Credit Losses in the prior-year quarter was primarily due to an increase in the reserve evaluated on an individual basis for two commercial borrowers, partially offset by a slight decrease in the reserve evaluated on a collective basis. The decrease in the collective basis reserve was primarily due to continued improvements in credit quality mainly within the commercial real estate portfolio, partially offset by increases in the reserve driven by projected economic conditions at the time.
Net charge-offs in the current quarter were $2.9 million, reflecting $1.1 million of recoveries and $4.0 million of charge-offs. The prior-year quarter included $3.2 million of net recoveries, reflecting $3.3 million of recoveries and $0.1 million of charge-offs. Nonaccrual assets of $48.9 million decreased $52.1 million, or 52%, from $101.0 million at the end of the prior-year quarter.
For additional discussion of the allowance for credit losses, refer to the “Asset Quality” section in this MD&A.
Noninterest Expense
The components of Noninterest Expense are provided in the following table.
TABLE 15: NONINTEREST EXPENSE
THREE MONTHS ENDED MARCH 31,
($ In Millions)20232022CHANGE
Compensation$595.2 $563.9 $31.3 %
Employee Benefits101.0 104.3 (3.3)(3)
Outside Services210.8 213.4 (2.6)(1)
Equipment and Software