Net Interest Income (Tables)

9 Months Ended

Sep. 30, 2023

Banking and Thrift, Interest [Abstract]

Net Interest Income

The components of Net Interest Income were as follows.

TABLE 69: NET INTEREST INCOME

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2023		2022		2023		2022
Interest Income
Federal Reserve and Other Central Bank Deposits	$	352.1	$	135.4	$	1,128.0	$	212.2
Interest-Bearing Due from and Deposits with Banks(1)	34.9		14.5		95.2		23.6
Federal Funds Sold	—		—		0.3		—
Securities Purchased under Agreements to Resell	463.9		30.5		874.1		38.4
Securities — Taxable	402.4		237.0		1,106.5		599.7
— Nontaxable(2)	0.3		0.4		1.0		1.1
Loans and Leases	664.2		379.8		1,881.6		827.4
Other Interest-Earning Assets(3)	17.2		1.7		38.7		5.2
Total Interest Income	$	1,935.0	$	799.3	$	5,125.4	$	1,707.6
Interest Expense
Deposits	$	716.6	$	177.3	$	1,914.7	$	184.6
Federal Funds Purchased	77.5		9.9		205.2		12.7
Securities Sold Under Agreements to Repurchase	454.0		25.5		843.5		31.8
Other Borrowings	154.8		35.7		446.3		47.2
Senior Notes	44.1		28.6		125.4		57.1
Long-Term Debt	31.8		9.3		91.4		21.5
Total Interest Expense	$	1,478.8	$	286.3	$	3,626.5	$	354.9
Net Interest Income	$	456.2	$	513.0	$	1,498.9	$	1,352.7

(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) Non-taxable Securities represent securities that are exempt from U.S. federal income taxes.

(3) 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.