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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 June 30, 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 June 30, 2023, 207,004,181 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 JUNE 30, 2023
TABLE OF CONTENTS
Page
i

CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
CONDENSED INCOME STATEMENTS ($ In Millions)20232022
% CHANGE(1)
20232022
% CHANGE(1)
Noninterest Income$1,245.6 $1,310.0 (5)%$2,459.0 $2,647.7 (7)%
Net Interest Income511.5 458.7 12 1,042.7 839.7 24 
Total Revenue1,757.1 1,768.7 (1)3,501.7 3,487.4 — 
(Release of) Provision for Credit Losses(15.5)4.5 N/M(0.5)6.5 N/M
Noninterest Expense1,331.9 1,223.6 2,617.5 2,429.5 
Income before Income Taxes440.7 540.6 (18)884.7 1,051.4 (16)
Provision for Income Taxes108.9 144.4 (25)218.3 265.9 (18)
Net Income$331.8 $396.2 (16)%$666.4 $785.5 (15)%
PER COMMON SHARE
Net Income — Basic$1.56 $1.86 (16)%$3.07 $3.64 (16)%
— Diluted1.56 1.86 (16)3.07 3.63 (16)
Cash Dividends Declared Per Common Share0.75 0.70 1.50 1.40 
Book Value — End of Period (EOP)51.94 48.87 51.94 48.87 
Market Price — EOP74.14 96.48 (23)74.14 96.48 (23)
SELECTED BALANCE SHEET DATA ($ In Millions)JUNE 30, 2023DECEMBER 31, 2022
% CHANGE(1)
End of Period:
Total Assets$156,752.5 $155,036.7 %
Earning Assets145,042.1 142,484.7 
Deposits113,203.6 123,932.1 (9)
Stockholders’ Equity11,635.7 11,259.5 
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
20232022
% CHANGE(1)
20232022
% CHANGE(1)
Average Balances:
Total Assets$145,899.6 $154,084.1 (5)%$146,973.8 $158,091.3 (7)%
Earning Assets134,116.4 139,901.5 (4)135,031.8 144,807.8 (7)
Deposits105,598.7 129,393.8 (18)108,874.0 133,921.8 (19)
Stockholders’ Equity11,448.7 10,907.0 11,365.5 11,207.5 
CLIENT ASSETS ($ In Billions)JUNE 30, 2023DECEMBER 31, 2022
% CHANGE(1)
Assets Under Custody/Administration(2)
$14,478.9 $13,604.0 %
Assets Under Custody11,284.8 10,604.6 
Assets Under Management1,365.8 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 JUNE 30,SIX MONTHS ENDED JUNE 30,
2023202220232022
Financial Ratios:
Return on Average Common Equity12.4 %15.7 %12.4 %14.9 %
Return on Average Assets0.91 1.03 0.91 1.00 
Dividend Payout Ratio48.1 37.6 48.9 38.6 
Net Interest Margin(1)
1.57 1.35 1.60 1.19 
JUNE 30, 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 %13.0 %10.8 %11.5 %N/A4.5 %
Tier 1 Capital12.3 14.1 11.8 12.5 6.0 6.0 
Total Capital14.4 16.3 13.9 14.5 10.0 8.0 
Tier 1 Leverage7.4 7.4 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 Capital12.1 %14.3 %11.6 %12.4 %6.5 %4.5 %
Tier 1 Capital12.1 14.3 11.6 12.4 8.0 6.0 
Total Capital13.9 16.2 13.5 14.2 10.0 8.0 
Tier 1 Leverage7.4 7.4 6.9 6.9 5.0 4.0 
Supplementary LeverageN/A8.2 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 second 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.
SECOND 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 $1.56 in the current quarter and $1.86 in the second quarter of 2022. Net Income decreased $64.4 million to $331.8 million in the current quarter from $396.2 million in the prior-year quarter. Annualized return on average common equity was 12.4% in the current quarter and 15.7% in the prior-year quarter. The annualized return on average assets was 0.91% in the current quarter as compared to 1.03% 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 relative to the prior-year quarter. 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 decreased $11.6 million, or 1%, to $1.76 billion in the current quarter from $1.77 billion in the prior-year quarter.
Trust, Investment and Other Servicing Fees decreased $47.1 million, or 4%, from $1.14 billion in the prior-year quarter to $1.10 billion in the current quarter, primarily due to unfavorable lagged markets, asset outflows, and lower transaction volumes.
Other Noninterest Income decreased $17.3 million, or 10%, from $166.6 million in the prior-year quarter to $149.3 million in the current quarter, primarily reflecting lower Foreign Exchange Trading Income, partially offset by higher Other Operating Income.
Net Interest Income increased $52.8 million, or 12%, to $511.5 million in the current quarter as compared to $458.7 million in the prior-year quarter, primarily due to higher average interest rates, partially offset by lower average earning assets.
There was a $15.5 million release of credit reserves in the current quarter, as compared to a $4.5 million Provision for Credit Losses in the prior-year quarter. The current quarter release of credit reserves was primarily due to a decrease in the reserve evaluated on a collective basis, primarily driven by improved credit quality in certain commercial and institutional and certain commercial real estate (CRE) loans, partially offset by expectations for higher economic stress in the CRE market, particularly office CRE. The reserve evaluated on a collective basis relates to pooled financial assets sharing similar risk characteristics.
Noninterest Expense increased $108.3 million, or 9%, from $1.22 billion in the prior-year quarter to $1.33 billion in the current quarter, primarily attributable to higher Compensation, Equipment and Software, and Other Operating Expense.
The Provision for Income Taxes in the current quarter totaled $108.9 million, representing an effective tax rate of 24.7%. The Provision for Income Taxes in the prior-year quarter totaled $144.4 million, representing an effective tax rate of 26.7%. The effective tax rate decreased compared to the prior-year quarter primarily due to a lower net tax impact from international operations.
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.
3

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

Northern Trust voluntarily waived $2.3 million of money market fund fees for the three months ended June 30, 2023 and $8.6 million of money market fund fees for the three months ended June 30, 2022.
The components of Trust, Investment and Other Servicing Fees are provided below.
TABLE 1: TRUST, INVESTMENT AND OTHER SERVICING FEES
THREE MONTHS ENDED JUNE 30,
($ In Millions)20232022CHANGE
Asset Servicing Trust, Investment and Other Servicing Fees
Custody and Fund Administration$427.4 $433.8 $(6.4)(1)%
Investment Management134.1 148.4 (14.3)(10)
Securities Lending21.5 21.6 (0.1)— 
Other38.2 38.9 (0.7)(2)
Total Asset Servicing Trust, Investment and Other Servicing Fees$621.2 $642.7 $(21.5)(3)%
Wealth Management Trust, Investment and Other Servicing Fees
Central$166.0 $177.4 $(11.4)(6)%
East124.1 128.1 (4.0)(3)
West93.7 98.7 (5.0)(5)
Global Family Office91.3 96.5 (5.2)(5)
Total Wealth Management Trust, Investment and Other Servicing Fees$475.1 $500.7 $(25.6)(5)%
Total Consolidated Trust, Investment and Other Servicing Fees$1,096.3 $1,143.4 $(47.1)(4)%
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 lagged markets.
Investment Management fees decreased from the prior-year quarter, primarily due to asset outflows and unfavorable lagged markets.
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, primarily due to unfavorable lagged markets and product-related asset outflows. Global Family Office fee income decreased from the prior-year quarter, primarily due to unfavorable lagged markets.
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 JUNE 30,AS OF JUNE 30,
20232022CHANGE20232022CHANGE
S&P 5004,205 4,112 %4,450 3,785 18 %
MSCI EAFE (U.S. dollars)2,121 2,001 2,132 1,846 15 
MSCI EAFE (local currency)1,337 1,253 1,357 1,188 14 
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SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)

TABLE 3: FIXED INCOME MARKET INDICES
AS OF JUNE 30,
20232022CHANGE
Barclays Capital U.S. Aggregate Bond Index2,092 2,111 (1)%
Barclays Capital Global Aggregate Bond Index452 458 (1)
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
JUNE 30, 2023MARCH 31, 2023JUNE 30, 2022CHANGE Q2-23/Q1-23CHANGE Q2-23/Q2-22
($ In Billions)
Asset Servicing$13,483.5 $13,221.5 $12,812.2 %%
Wealth Management995.4 953.3 921.5 
Total Assets Under Custody / Administration$14,478.9 $14,174.8 $13,733.7 %%
The following table presents Northern Trust’s assets under custody, a component of AUC/A, by reporting segment.
TABLE 5: ASSETS UNDER CUSTODY BY REPORTING SEGMENT
JUNE 30, 2023MARCH 31, 2023JUNE 30, 2022CHANGE Q2-23/Q1-23CHANGE Q2-23/Q2-22
($ In Billions)
Asset Servicing$10,295.7 $10,065.6 $9,771.2 %%
Wealth Management989.1 947.6 913.0 
Total Assets Under Custody$11,284.8 $11,013.2 $10,684.2 %%
Consolidated assets under custody increased from the prior quarter and from the prior-year quarter, primarily reflecting favorable markets and favorable currency translation, partially offset by asset outflows.
The following table presents the allocation of Northern Trust’s custodied assets by reporting segment.
TABLE 6: ALLOCATION OF ASSETS UNDER CUSTODY
JUNE 30, 2023MARCH 31, 2023JUNE 30, 2022
ASWMTOTALASWMTOTALASWMTOTAL
Equities46 %60 %47 %45 %58 %46 %44 %56 %45 %
Fixed Income Securities33 13 31 33 14 32 35 15 33 
Cash and Other Assets19 27 21 20 28 20 19 29 20 
Securities Lending Collateral2  1 — — 
The following table presents Northern Trust’s assets under custody by investment type.
TABLE 7: ASSETS UNDER CUSTODY BY INVESTMENT TYPE
($ In Billions)JUNE 30, 2023MARCH 31, 2023JUNE 30, 2022CHANGE Q2-23/Q1-23CHANGE Q2-23/Q2-22
Equities$5,328.7 $5,091.1 $4,785.5 %11 %
Fixed Income Securities3,524.7 3,501.4 3,513.8 — 
Cash and Other Assets2,262.6 2,252.8 2,215.6 — 
Securities Lending Collateral168.8 167.9 169.3 — 
Total Assets Under Custody$11,284.8 $11,013.2 $10,684.2 %%
The following table presents Northern Trust’s assets under management by reporting segment.
TABLE 8: ASSETS UNDER MANAGEMENT BY REPORTING SEGMENT
JUNE 30, 2023MARCH 31, 2023JUNE 30, 2022CHANGE Q2-23/Q1-23CHANGE Q2-23/Q2-22
($ In Billions)
Asset Servicing$989.8 $962.1 $950.0 %%
Wealth Management376.0 368.3 352.8 
Total Assets Under Management$1,365.8 $1,330.4 $1,302.8 %%
5

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

Consolidated assets under management increased compared to the prior quarter, primarily reflecting the impact of favorable markets and net inflows, partially offset by unfavorable currency translation. Consolidated assets under management increased compared to the prior-year quarter, primarily reflecting the impact of favorable markets, partially offset by product-related outflows.
The following table presents the allocation of Northern Trust’s assets under management by reporting segment.
TABLE 9: ALLOCATION OF ASSETS UNDER MANAGEMENT
JUNE 30, 2023MARCH 31, 2023JUNE 30, 2022
ASWMTOTALASWMTOTALASWMTOTAL
Equities54 %55 %54 %54 %53 %54 %50 %52 %51 %
Fixed Income Securities11 21 14 11 22 14 12 23 15 
Cash and Other Assets18 24 20 18 25 19 20 25 21 
Securities Lending Collateral17  12 17 — 13 18 — 13 
The following table presents Northern Trust’s assets under management by investment type.
TABLE 10: ASSETS UNDER MANAGEMENT BY INVESTMENT TYPE
($ In Billions)JUNE 30, 2023MARCH 31, 2023JUNE 30, 2022CHANGE Q2-23/Q1-23CHANGE Q2-23/Q2-22
Equities$740.5 $712.1 $664.1 %12 %
Fixed Income Securities188.7 187.6 194.9 (3)
Cash and Other Assets267.8 262.8 274.5 (2)
Securities Lending Collateral168.8 167.9 169.3 — 
Total Assets Under Management$1,365.8 $1,330.4 $1,302.8 %%
The following table presents activity in consolidated assets under management by product.
TABLE 11: ACTIVITY IN CONSOLIDATED ASSETS UNDER MANAGEMENT BY PRODUCT
THREE MONTHS ENDED
($ In Billions)JUNE 30, 2023MARCH 31, 2023DECEMBER 31, 2022SEPTEMBER 30, 2022JUNE 30, 2022
Beginning Balance of AUM$1,330.4 $1,249.5 $1,209.9 $1,302.8 $1,487.8 
Inflows by Product
Equities44.8 52.1 37.7 39.5 51.4 
Fixed Income11.2 14.4 11.6 12.3 11.8 
Cash and Other Assets551.3 276.7 121.9 128.9 186.5 
Securities Lending Collateral53.4 66.3 48.2 55.3 61.6 
Total Inflows660.7 409.5 219.4 236.0 311.3 
Outflows by Product
Equities(54.7)(59.2)(42.8)(56.5)(60.6)
Fixed Income(10.2)(16.6)(12.7)(12.4)(14.8)
Cash and Other Assets(529.7)(264.0)(128.5)(152.2)(220.3)
Securities Lending Collateral(52.5)(46.7)(62.0)(62.5)(69.5)
Total Outflows(647.1)(386.5)(246.0)(283.6)(365.2)
Net Inflows (Outflows)13.6 23.0 (26.6)(47.6)(53.9)
Market Performance, Currency & Other
Market Performance & Other27.7 52.4 55.9 (35.1)(118.5)
Currency(5.9)5.5 10.3 (10.2)(12.6)
Total Market Performance, Currency & Other21.8 57.9 66.2 (45.3)(131.1)
Ending Balance of AUM$1,365.8 $1,330.4 $1,249.5 $1,209.9 $1,302.8 
6

SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Other Noninterest Income
The components of Other Noninterest Income are provided below.
TABLE 12: OTHER NONINTEREST INCOME
THREE MONTHS ENDED JUNE 30,
($ In Millions)20232022CHANGE
Foreign Exchange Trading Income$50.1 $77.6 $(27.5)(35)%
Treasury Management Fees7.9 10.6 (2.7)(24)
Security Commissions and Trading Income36.1 32.8 3.3 10 
Other Operating Income55.2 45.6 9.6 21 
Investment Security Gains (Losses), net — — N/M
Total Other Noninterest Income$149.3 $166.6 $(17.3)(10)%
N/M - Not meaningful
Foreign Exchange Trading Income decreased compared to the prior-year quarter primarily driven by lower client volumes and an unfavorable impact from foreign exchange swap activity.
Security Commissions and Trading Income increased primarily due to higher bond underwriting referral fees.
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, higher non-trading foreign exchange income, and banking and credit-related services fees, 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.
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.

7

SECOND 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)SECOND QUARTER
20232022
($ In Millions)INTERESTAVERAGE BALANCE
AVERAGE RATE(7)
INTERESTAVERAGE BALANCE
AVERAGE RATE(7)
Interest-Earning Assets
Federal Reserve and Other Central Bank Deposits$398.9 $34,380.4 4.65 %$59.2 $36,691.1 0.65 %
Interest-Bearing Due from and Deposits with Banks(1)
32.1 4,573.4 2.82 6.5 4,227.6 0.62 
Federal Funds Sold0.1 2.9 5.25 — 2.2 0.75 
Securities Purchased under Agreements to Resell(2)
284.3 1,238.6 92.09 7.0 1,149.3 2.47 
Debt Securities
Available for Sale254.7 24,511.8 4.17 138.1 35,676.6 1.55 
Held to Maturity112.5 25,053.3 1.80 56.2 20,244.3 1.11 
Trading Account 0.2 42.53 — 0.4 5.40 
Total Debt Securities367.2 49,565.3 2.97 194.3 55,921.3 1.39 
Loans and Leases(3)
640.5 42,365.4 6.06 257.1 40,747.0 2.53 
Other Interest-Earning Assets(4)
25.0 1,990.4 5.04 11.8 1,163.0 4.07 
Total Interest-Earning Assets1,748.1 134,116.4 5.23 535.9 139,901.5 1.54 
Cash and Due from Banks and Other Central Bank Deposits(5)
 1,842.5  — 2,559.1  
Other Noninterest-Earning Assets 9,940.7  — 11,623.5  
Total Assets$ $145,899.6  %$— $154,084.1 — %
Average Source of Funds
Deposits
Savings, Money Market and Other$152.8 $22,961.2 2.67 %$18.7 $30,967.5 0.24 %
Savings Certificates and Other Time32.0 3,036.1 4.23 1.1 792.3 0.58 
Non-U.S. Offices — Interest-Bearing448.7 62,046.3 2.90 3.4 63,900.7 0.02 
Total Interest-Bearing Deposits633.5 88,043.6 2.89 23.2 95,660.5 0.10 
Federal Funds Purchased87.6 7,070.0 4.97 2.8 922.8 1.22 
Securities Sold under Agreements to Repurchase(2)
273.4 467.8 234.39 6.0 596.7 4.01 
Other Borrowings(6)
156.5 12,132.6 5.17 8.4 4,186.7 0.80 
Senior Notes42.1 2,761.1 6.14 18.9 2,885.1 2.65 
Long-Term Debt30.4 2,069.7 5.89 6.8 1,096.4 2.47 
Total Interest-Related Funds1,223.5 112,544.8 4.36 66.1 105,348.2 0.25 
Interest Rate Spread  0.87 — — 1.29 
Demand and Other Noninterest-Bearing Deposits 17,555.1  — 33,733.3 — 
Other Noninterest-Bearing Liabilities 4,351.0  — 4,095.6 — 
Stockholders’ Equity 11,448.7  — 10,907.0 — 
Total Liabilities and Stockholders’ Equity$ $145,899.6  %$— $154,084.1 — %
Net Interest Income/Margin (FTE Adjusted)$524.6 $ 1.57 %$469.8 $— 1.35 %
Net Interest Income/Margin (Unadjusted)$511.5 $ 1.53 %$458.7 $— 1.31 %
(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 $21.3 billion and $2.8 billion for the three months ended June 30, 2023 and 2022, respectively. Excluding the impact of netting for the three months ended June 30, 2023 and 2022, the average interest rate on Securities Purchased under Agreements to Resell would be approximately 5.06% and 0.72%, respectively. Excluding the impact of netting for the three months ended June 30, 2023 and 2022, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 5.04% and 0.70%, respectively. Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when there is a legally enforceable master netting agreement.
(3)Average balances include nonaccrual loans.
(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)Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
(7)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.


8

SECOND 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 JUNE 30, 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$(3.9)$343.6 $339.7 
Interest-Bearing Due from and Deposits with Banks0.5 25.1 25.6 
Federal Funds Sold 0.1 0.1 
Securities Purchased under Agreements to Resell0.6 276.7