Reporting Segments (Tables)

9 Months Ended

Sep. 30, 2023

The following table presents the earnings contributions and average assets of Northern Trust’s reporting segments for the three- and nine-month periods ended September 30, 2023 and 2022.

TABLE 63: RESULTS OF REPORTING SEGMENTS


($ In Millions)	ASSET SERVICING						WEALTH MANAGEMENT						OTHER						RECONCILING ITEMS				TOTAL CONSOLIDATED
THREE MONTHS ENDED SEPTEMBER 30,	2023			2022			2023			2022			2023			2022			2023		2022		2023			2022
Noninterest Income
Trust, Investment and Other Servicing Fees	$	626.0		$	603.2		$	485.9		$	475.5		$	—		$	—		$	—	$	—	$	1,111.9		$	1,078.7
Foreign Exchange Trading Income (Loss)	54.3			63.7			(2.5)			1.0			—			—			—		—		51.8			64.7
Other Noninterest Income (Loss)	66.1			62.5			38.1			37.0			2.4			(1.1)			—		—		106.6			98.4
Total Noninterest Income (Loss)	746.4			729.4			521.5			513.5			2.4			(1.1)			—		—		1,270.3			1,241.8
Net Interest Income	281.2			303.3			188.2			222.0			—			—			(13.2)		(12.3)		456.2			513.0
Revenue	1,027.6			1,032.7			709.7			735.5			2.4			(1.1)			(13.2)		(12.3)		1,726.5			1,754.8
Provision for (Release of) Credit Losses	3.1			(5.1)			10.9			5.6			—			—			—		—		14.0			0.5
Noninterest Expense	809.3			760.4			456.9			449.0			12.0			20.4			—		—		1,278.2			1,229.8
Income before Income Taxes	215.2			277.4			241.9			280.9			(9.6)			(21.5)			(13.2)		(12.3)		434.3			524.5
Provision for Income Taxes	54.3			67.7			67.7			79.6			(2.3)			(5.3)			(13.2)		(12.3)		106.5			129.7
Net Income	$	160.9		$	209.7		$	174.2		$	201.3		$	(7.3)		$	(16.2)		$	—	$	—	$	327.8		$	394.8
Percentage of Consolidated Net Income	49		%	53		%	53		%	51		%	(2)		%	(4)		%	N/A		N/A		100		%	100		%
Average Assets	$	108,656.7		$	109,677.2		$	31,544.9		$	36,725.0		$	—		$	—		N/A		N/A		$	140,201.6		$	146,402.2



($ In Millions)	ASSET SERVICING						WEALTH MANAGEMENT						OTHER						RECONCILING ITEMS				TOTAL CONSOLIDATED
NINE MONTHS ENDED SEPTEMBER 30,	2023			2022			2023			2022			2023			2022			2023		2022		2023			2022
Noninterest Income
Trust, Investment and Other Servicing Fees	$	1,850.2		$	1,908.4		$	1,421.6		$	1,482.1		$	—		$	—		$	—	$	—	$	3,271.8		$	3,390.5
Foreign Exchange Trading Income (Loss)	161.2			215.9			(6.3)			7.3			—			—			—		—		154.9			223.2
Other Noninterest Income (Loss)	199.0			185.4			112.8			101.6			(9.2)			(11.2)			—		—		302.6			275.8
Total Noninterest Income (Loss)	2,210.4			2,309.7			1,528.1			1,591.0			(9.2)			(11.2)			—		—		3,729.3			3,889.5
Net Interest Income	902.6			748.5			635.8			634.3			—			—			(39.5)		(30.1)		1,498.9			1,352.7
Revenue	3,113.0			3,058.2			2,163.9			2,225.3			(9.2)			(11.2)			(39.5)		(30.1)		5,228.2			5,242.2
Provision for (Release of) Credit Losses	(3.3)			3.8			16.8			3.2			—			—			—		—		13.5			7.0
Noninterest Expense	2,459.7			2,269.4			1,402.4			1,333.2			33.6			56.7			—		—		3,895.7			3,659.3
Income before Income Taxes	656.6			785.0			744.7			888.9			(42.8)			(67.9)			(39.5)		(30.1)		1,319.0			1,575.9
Provision for Income Taxes	167.4			194.0			207.5			248.6			(10.6)			(16.9)			(39.5)		(30.1)		324.8			395.6
Net Income	$	489.2		$	591.0		$	537.2		$	640.3		$	(32.2)		$	(51.0)		$	—	$	—	$	994.2		$	1,180.3
Percentage of Consolidated Net Income	49		%	50		%	54		%	54		%	(3)		%	(4)		%	N/A		N/A		100		%	100		%
Average Assets	$	110,380.4		$	117,251.0		$	34,311.2		$	36,901.1		$	—		$	—		N/A		N/A		$	144,691.6		$	154,152.1

Note: Segment results are stated on an FTE basis. The FTE adjustments are eliminated in the reconciling items column with the Corporation’s total consolidated financial results stated on a GAAP basis. The adjustment to an FTE basis has no impact on Net Income.