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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 September 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 September 30, 2023, 207,036,370 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 SEPTEMBER 30, 2023
TABLE OF CONTENTS
Page
i

CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
CONDENSED INCOME STATEMENTS ($ In Millions)20232022
% CHANGE(1)
20232022
% CHANGE(1)
Noninterest Income$1,270.3 $1,241.8 %$3,729.3 $3,889.5 (4)%
Net Interest Income456.2 513.0 (11)1,498.9 1,352.7 11 
Total Revenue1,726.5 1,754.8 (2)5,228.2 5,242.2 — 
Provision for Credit Losses14.0 0.5 N/M13.5 7.0 93 
Noninterest Expense1,278.2 1,229.8 3,895.7 3,659.3 
Income before Income Taxes434.3 524.5 (17)1,319.0 1,575.9 (16)
Provision for Income Taxes106.5 129.7 (18)324.8 395.6 (18)
Net Income$327.8 $394.8 (17)%$994.2 $1,180.3 (16)%
PER COMMON SHARE
Net Income — Basic$1.49 $1.80 (17)%$4.56 $5.44 (16)%
— Diluted1.49 1.80 (17)4.56 5.43 (16)
Cash Dividends Declared Per Common Share0.75 0.75 — 2.25 2.15 
Book Value — End of Period (EOP)52.95 48.68 52.95 48.68 
Market Price — EOP69.48 85.56 (19)69.48 85.56 (19)
SELECTED BALANCE SHEET DATA ($ In Millions)SEPTEMBER 30, 2023DECEMBER 31, 2022
% CHANGE(1)
End of Period:
Total Assets$146,330.6 $155,036.7 (6)%
Earning Assets134,055.9 142,484.7 (6)
Deposits110,165.9 123,932.1 (11)
Stockholders’ Equity11,847.2 11,259.5 
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
20232022
% CHANGE(1)
20232022
% CHANGE(1)
Average Balances:
Total Assets$140,201.6 $146,402.2 (4)%$144,691.6 $154,152.1 (6)%
Earning Assets128,254.4 132,146.5 (3)132,747.8 140,540.9 (6)
Deposits101,763.1 118,488.1 (14)106,477.7 128,720.7 (17)
Stockholders’ Equity11,536.6 10,935.6 11,423.2 11,115.8 
CLIENT ASSETS ($ In Billions)SEPTEMBER 30, 2023DECEMBER 31, 2022
% CHANGE(1)
Assets Under Custody/Administration(2)
$14,164.7 $13,604.0 %
Assets Under Custody11,015.4 10,604.6 
Assets Under Management1,333.3 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 SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2023202220232022
Financial Ratios:
Return on Average Common Equity11.6 %14.9 %12.1 %14.9 %
Return on Average Assets0.93 1.07 0.92 1.02 
Dividend Payout Ratio50.3 41.7 49.4 39.6 
Net Interest Margin(1)
1.45 1.58 1.55 1.32 
SEPTEMBER 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 Capital11.4 %13.2 %10.8 %11.5 %N/A4.5 %
Tier 1 Capital12.4 14.3 11.8 12.5 6.0 6.0 
Total Capital14.5 16.5 13.9 14.5 10.0 8.0 
Tier 1 Leverage7.9 7.9 7.1 7.1 N/A4.0 
Supplementary LeverageN/A8.4 N/A7.9 N/A3.0 
The Northern Trust Company
Common Equity Tier 1 Capital12.3 %14.5 %11.6 %12.4 %6.5 %4.5 %
Tier 1 Capital12.3 14.5 11.6 12.4 8.0 6.0 
Total Capital14.2 16.4 13.5 14.2 10.0 8.0 
Tier 1 Leverage7.8 7.8 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 third 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.
THIRD 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 $1.49 in the current quarter and $1.80 in the third quarter of 2022. Net Income decreased $67.0 million to $327.8 million in the current quarter from $394.8 million in the prior-year quarter. Annualized return on average common equity was 11.6% in the current quarter and 14.9% in the prior-year quarter. The annualized return on average assets was 0.93% in the current quarter as compared to 1.07% in 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 $28.3 million, or 2%, to $1.73 billion in the current quarter from $1.75 billion in the prior-year quarter. Trust, Investment and Other Servicing Fees increased $33.2 million, or 3%, from $1.08 billion in the prior-year quarter to $1.11 billion in the current quarter, primarily due to lagged favorable markets and favorable currency translation, partially offset by lower transaction volumes. Other Noninterest Income decreased $4.7 million, or 3%, from $163.1 million in the prior-year quarter to $158.4 million in the current quarter, primarily reflecting lower Foreign Exchange Trading Income, partially offset by higher Other Operating Income. Net Interest Income decreased $56.8 million, or 11%, to $456.2 million in the current quarter as compared to $513.0 million in the prior-year quarter, primarily due to lower average earning assets.
There was a $14.0 million Provision for Credit Losses in the current quarter, as compared to a $0.5 million Provision for Credit Losses in the prior-year quarter. The Provision for Credit Losses in the current quarter was primarily due to an increase in the reserve evaluated on a collective basis, driven by a small number of large new loans and renewals and credit quality deterioration of certain commercial real estate (CRE) and commercial and institutional (C&I) loans, partially offset by a net improvement in the overall macroeconomic outlook.
Noninterest Expense increased $48.4 million, or 4%, from $1.23 billion in the prior-year quarter to $1.28 billion in the current quarter, primarily attributable to higher Equipment and Software and Other Operating Expense.
The Provision for Income Taxes in the current quarter totaled $106.5 million, representing an effective tax rate of 24.5%. The Provision for Income Taxes in the prior-year quarter totaled $129.7 million, representing an effective tax rate of 24.7%. The effective tax rate decreased compared to the prior-year quarter primarily due to a lower state tax provision following the resolution of certain state matters.
FDIC Special Assessment
In May 2023, the Federal Deposit Insurance Corporation (FDIC) issued a proposed rule that would impose a special assessment to recover the loss to the Deposit Insurance Fund arising from the protection of uninsured depositors of Silicon Valley Bank and Signature Bank associated with their closures, and the systemic risk determination announced by the FDIC on March 12, 2023. While the timing and amount of any expense recognition are unknown until the proposed rule is finalized, if the FDIC final rule is issued as proposed, the estimated impact of the special assessment to Northern Trust, recognized in Other Operating Expense, would be approximately $80 million.
3

THIRD 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 $2.2 million of money market fund fees for the three months ended September 30, 2023 and $2.6 million of money market fund fees for the three months ended September 30, 2022.
The components of Trust, Investment and Other Servicing Fees are provided below.
TABLE 1: TRUST, INVESTMENT AND OTHER SERVICING FEES
THREE MONTHS ENDED SEPTEMBER 30,
($ In Millions)20232022CHANGE
Asset Servicing Trust, Investment and Other Servicing Fees
Custody and Fund Administration$428.1 $407.3 $20.8 %
Investment Management137.1 136.0 1.1 
Securities Lending20.4 21.7 (1.3)(6)
Other40.4 38.2 2.2 
Total Asset Servicing Trust, Investment and Other Servicing Fees$626.0 $603.2 $22.8 %
Wealth Management Trust, Investment and Other Servicing Fees
Central$172.3 $171.3 $1.0 %
East126.1 124.1 2.0 
West95.8 92.5 3.3 
Global Family Office91.7 87.6 4.1 
Total Wealth Management Trust, Investment and Other Servicing Fees$485.9 $475.5 $10.4 %
Total Consolidated Trust, Investment and Other Servicing Fees$1,111.9 $1,078.7 $33.2 %
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 increased from the prior-year quarter, primarily due to new business, favorable currency translation, and favorable markets, partially offset by lower transaction volumes.
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) increased from the prior-year quarter, primarily due to lagged favorable markets, partially offset by product-related asset outflows. Global Family Office fee income increased from the prior-year quarter, primarily due to asset inflows.
4

THIRD 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 SEPTEMBER 30,AS OF SEPTEMBER 30,
20232022CHANGE20232022CHANGE
S&P 5004,458 3,977 12 %4,288 3,586 20 %
MSCI EAFE (U.S. dollars)2,113 1,848 14 2,031 1,661 22 
MSCI EAFE (local currency)1,346 1,217 11 1,331 1,137 17 
TABLE 3: FIXED INCOME MARKET INDICES
AS OF SEPTEMBER 30,
20232022CHANGE
Barclays Capital U.S. Aggregate Bond Index2,024 2,011 %
Barclays Capital Global Aggregate Bond Index436 427 
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
SEPTEMBER 30, 2023JUNE 30, 2023SEPTEMBER 30, 2022CHANGE Q3-23/Q2-23CHANGE Q3-23/Q3-22
($ In Billions)
Asset Servicing$13,206.2 $13,483.5 $11,954.0 (2)%10 %
Wealth Management958.5 995.4 868.0 (4)10 
Total Assets Under Custody / Administration$14,164.7 $14,478.9 $12,822.0 (2)%10 %
The following table presents Northern Trust’s assets under custody, a component of AUC/A, by reporting segment.
TABLE 5: ASSETS UNDER CUSTODY BY REPORTING SEGMENT
SEPTEMBER 30, 2023JUNE 30, 2023SEPTEMBER 30, 2022CHANGE Q3-23/Q2-23CHANGE Q3-23/Q3-22
($ In Billions)
Asset Servicing$10,064.4 $10,295.7 $9,125.5 (2)%10 %
Wealth Management951.0 989.1 860.8 (4)10 
Total Assets Under Custody$11,015.4 $11,284.8 $9,986.3 (2)%10 %
Consolidated assets under custody decreased from the prior quarter, primarily reflecting unfavorable markets and unfavorable currency translation, partially offset by asset inflows. Consolidated assets under custody increased from the prior-year quarter, primarily reflecting the impact of favorable markets, favorable currency translation, and favorable asset inflows.
The following table presents the allocation of Northern Trust’s custodied assets by reporting segment.
TABLE 6: ALLOCATION OF ASSETS UNDER CUSTODY
SEPTEMBER 30, 2023JUNE 30, 2023SEPTEMBER 30, 2022
ASWMTOTALASWMTOTALASWMTOTAL
Equities46 %58 %47 %46 %60 %47 %43 %55 %44 %
Fixed Income Securities33 13 31 33 13 31 35 15 33 
Cash and Other Assets19 29 21 19 27 21 20 30 21 
Securities Lending Collateral2  1 — — 

5

THIRD 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)SEPTEMBER 30, 2023JUNE 30, 2023SEPTEMBER 30, 2022CHANGE Q3-23/Q2-23CHANGE Q3-23/Q3-22
Equities$5,141.4 $5,328.7 $4,409.0 (4)%17 %
Fixed Income Securities3,445.0 3,524.7 3,288.7 (2)
Cash and Other Assets2,267.0 2,262.6 2,126.5 — 
Securities Lending Collateral162.0 168.8 162.1 (4)— 
Total Assets Under Custody$11,015.4 $11,284.8 $9,986.3 (2)%10 %
The following table presents Northern Trust’s assets under management by reporting segment.
TABLE 8: ASSETS UNDER MANAGEMENT BY REPORTING SEGMENT
SEPTEMBER 30, 2023JUNE 30, 2023SEPTEMBER 30, 2022CHANGE Q3-23/Q2-23CHANGE Q3-23/Q3-22
($ In Billions)
Asset Servicing$963.4 $989.8 $873.7 (3)%10 %
Wealth Management369.9 376.0 336.2 (2)10 
Total Assets Under Management$1,333.3 $1,365.8 $1,209.9 (2)%10 %
Consolidated assets under management decreased compared to the prior quarter, primarily reflecting unfavorable markets, product-related outflows, and unfavorable currency translation. Consolidated assets under management increased compared to the prior-year quarter, primarily reflecting the impact of favorable markets.
The following table presents the allocation of Northern Trust’s assets under management by reporting segment.
TABLE 9: ALLOCATION OF ASSETS UNDER MANAGEMENT
SEPTEMBER 30, 2023JUNE 30, 2023SEPTEMBER 30, 2022
ASWMTOTALASWMTOTALASWMTOTAL
Equities53 %53 %53 %54 %55 %54 %51 %51 %51 %
Fixed Income Securities11 22 14 11 21 14 12 24 15 
Cash and Other Assets19 25 21 18 24 20 19 25 21 
Securities Lending Collateral17  12 17 — 12 18 — 13 
The following table presents Northern Trust’s assets under management by investment type.
TABLE 10: ASSETS UNDER MANAGEMENT BY INVESTMENT TYPE
($ In Billions)SEPTEMBER 30, 2023JUNE 30, 2023SEPTEMBER 30, 2022CHANGE Q3-23/Q2-23CHANGE Q3-23/Q3-22
Equities$706.5 $740.5 $615.1 (5)%15 %
Fixed Income Securities190.2 188.7 182.6 
Cash and Other Assets274.6 267.8 250.1 10 
Securities Lending Collateral162.0 168.8 162.1 (4)— 
Total Assets Under Management$1,333.3 $1,365.8 $1,209.9 (2)%10 %
6

THIRD 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)SEPTEMBER 30, 2023JUNE 30, 2023MARCH 31, 2023DECEMBER 31, 2022SEPTEMBER 30, 2022
Beginning Balance of AUM$1,365.8 $1,330.4 $1,249.5 $1,209.9 $1,302.8 
Inflows by Product
Equities49.5 44.8 52.1 37.7 39.5 
Fixed Income15.0 11.2 14.4 11.6 12.3 
Cash and Other Assets565.2 551.3 276.7 121.9 128.9 
Securities Lending Collateral54.6 53.4 66.3 48.2 55.3 
Total Inflows684.3 660.7 409.5 219.4 236.0 
Outflows by Product
Equities(54.6)(54.7)(59.2)(42.8)(56.5)
Fixed Income(12.4)(10.2)(16.6)(12.7)(12.4)
Cash and Other Assets(559.5)(529.7)(264.0)(128.5)(152.2)
Securities Lending Collateral(61.4)(52.5)(46.7)(62.0)(62.5)
Total Outflows(687.9)(647.1)(386.5)(246.0)(283.6)
Net Inflows (Outflows)(3.6)13.6 23.0 (26.6)(47.6)
Market Performance, Currency & Other
Market Performance & Other(24.1)27.7 52.4 55.9 (35.1)
Currency(4.8)(5.9)5.5 10.3 (10.2)
Total Market Performance, Currency & Other(28.9)21.8 57.9 66.2 (45.3)
Ending Balance of AUM$1,333.3 $1,365.8 $1,330.4 $1,249.5 $1,209.9 
Other Noninterest Income
The components of Other Noninterest Income are provided below.
TABLE 12: OTHER NONINTEREST INCOME
THREE MONTHS ENDED SEPTEMBER 30,
($ In Millions)20232022CHANGE
Foreign Exchange Trading Income$51.8 $64.7 $(12.9)(20)%
Treasury Management Fees7.5 9.3 (1.8)(18)
Security Commissions and Trading Income30.9 32.1 (1.2)(4)
Other Operating Income68.2 57.3 10.9 19 
Investment Security Gains (Losses), net (0.3)0.3 N/M
Total Other Noninterest Income$158.4 $163.1 $(4.7)(3)%
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 higher income associated with a market value increase in supplemental compensation plans, higher banking and credit-related services fees, and income from valuation adjustments to existing swap agreements related to Visa Inc. Class B common shares, partially offset by lower non-trading foreign exchange income and lower miscellaneous income.
7

THIRD 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

THIRD 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)THIRD QUARTER
20232022
($ In Millions)INTERESTAVERAGE BALANCE
AVERAGE RATE(7)
INTERESTAVERAGE BALANCE
AVERAGE RATE(7)
Interest-Earning Assets
Federal Reserve and Other Central Bank Deposits$352.1 $28,000.8 4.99 %$135.4 $30,548.7 1.76 %
Interest-Bearing Due from and Deposits with Banks(1)
34.9 4,301.4 3.22 14.5 3,976.8 1.45 
Federal Funds Sold 1.2 5.62 — 5.1 2.79 
Securities Purchased under Agreements to Resell(2)
463.9 950.8 193.58 30.5 1,270.9 9.51 
Debt Securities
Available for Sale277.9 24,430.7 4.51 150.6 28,482.8 2.10 
Held to Maturity125.2 25,919.2 1.93 87.1 25,126.6 1.38 
Trading Account0.1 0.4 21.15 0.1 0.4 23.60 
Total Debt Securities403.2 50,350.3 3.18 237.8 53,609.8 1.76 
Loans and Leases(3)
665.5 42,210.4 6.26 380.9 41,466.4 3.64 
Other Interest-Earning Assets(4)
28.6 2,439.5 4.65 12.5 1,268.8 3.92 
Total Interest-Earning Assets1,948.2 128,254.4 6.03 811.6 132,146.5 2.44 
Cash and Due from Banks and Other Central Bank Deposits(5)
 1,694.6  — 1,903.1  
Other Noninterest-Earning Assets 10,252.6  — 12,352.6  
Total Assets$ $140,201.6  %$— $146,402.2 — %
Average Source of Funds
Deposits
Savings, Money Market and Other$173.9 $22,624.9 3.05 %$68.6 $29,089.3 0.94 %
Savings Certificates and Other Time43.3 3,665.2 4.69 4.0 986.0 1.61 
Non-U.S. Offices — Interest-Bearing499.4 58,680.5 3.38 104.7 64,057.3 0.65 
Total Interest-Bearing Deposits716.6 84,970.6 3.35 177.3 94,132.6 0.75 
Federal Funds Purchased77.5 5,935.9 5.18 9.9 1,967.5 2.00 
Securities Sold under Agreements to Repurchase(2)
454.0 426.0 422.85 25.5 489.6 20.72 
Other Borrowings(6)
154.8 10,981.7 5.59 35.7 5,991.1 2.36 
Senior Notes44.1 2,713.2 6.44 28.6 2,969.6 3.79 
Long-Term Debt31.8 2,126.9 5.94 9.3 1,087.6 3.41 
Total Interest-Related Funds1,478.8 107,154.3 5.48 286.3 106,638.0 1.07 
Interest Rate Spread  0.55 — — 1.37 
Demand and Other Noninterest-Bearing Deposits 16,792.5  — 24,355.5 — 
Other Noninterest-Bearing Liabilities 4,718.2  — 4,473.1 — 
Stockholders’ Equity 11,536.6  — 10,935.6 — 
Total Liabilities and Stockholders’ Equity$ $140,201.6  %$— $146,402.2 — %
Net Interest Income/Margin (FTE Adjusted)$469.4 $ 1.45 %$525.3 $— 1.58 %
Net Interest Income/Margin (Unadjusted)$456.2 $ 1.41 %$513.0 $—