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Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Allowances for Credit Losses and Recorded Investments in Loans and Leases by Segment
The following table provides information regarding changes in the total allowance for credit losses.
TABLE 70: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES
2023
(In Millions)LOANSUNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDITHELD TO MATURITY DEBT SECURITIESOTHER FINANCIAL ASSETSTOTAL
Balance at Beginning of Period$144.3 $38.5 $16.0 $0.8 $199.6 
Charge-Offs(7.5)— (1.2)— (8.7)
Recoveries3.7 — — — 3.7 
Net Recoveries (Charge-Offs)(3.8)— (1.2)— (5.0)
Provision for (Release of) Credit Losses(1)
38.2 (11.6)(2.1)0.1 24.6 
Balance at End of Period$178.7 $26.9 $12.7 $0.9 $219.2 
(1) The table excludes a release of credit reserves of $0.1 million for the year ended December 31, 2023 for AFS debt securities. See further detail in Note 4, “Securities.”

2022
(In Millions)LOANSUNDRAWN LOAN COMMITMENTS
AND STANDBY LETTERS OF CREDIT		HELD TO MATURITY DEBT SECURITIESOTHER
FINANCIAL ASSETS		TOTAL
Balance at Beginning of Period$138.4 $34.1 $11.2 $1.0 $184.7 
Charge-Offs(6.0)— — — (6.0)
Recoveries10.2 — — — 10.2 
Net Recoveries (Charge-Offs)4.2 — — — 4.2 
Provision for (Release of) Credit Losses(1)
1.7 4.4 4.8 (0.2)10.7 
Balance at End of Period$144.3 $38.5 $16.0 $0.8 $199.6 
(1) The table excludes a provision for credit losses of $1.3 million for the year ended December 31, 2022 for AFS debt securities. See further detail in Note 4, “Securities.”
2021
(In Millions)LOANS AND LEASESUNDRAWN LOAN COMMITMENTS
AND STANDBY
LETTERS OF CREDIT		HELD TO MATURITY DEBT SECURITIESOTHER
FINANCIAL ASSETS		TOTAL
Balance at Beginning of Period190.7 61.1 7.3 0.8 259.9 
Charge-Offs(0.7)— — — (0.7)
Recoveries7.0 — — — 7.0 
Net Recoveries (Charge-Offs)6.3 — — — 6.3 
Provision for (Release of) Credit Losses(58.6)(27.0)3.9 0.2 (81.5)
Balance at End of Period$138.4 $34.1 $11.2 $1.0 $184.7 
The following table provides information regarding changes in the total allowance for credit losses related to loans, including undrawn loan commitments and standby letters of credit, by segment.
TABLE 71: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES RELATED TO LOANS
2023
LOANSUNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT
(In Millions)COMMERCIALPERSONALTOTALCOMMERCIALPERSONALTOTAL
Balance at Beginning of Period$116.2 $28.1 $144.3 $36.3 $2.2 $38.5 
Charge-Offs(5.7)(1.8)(7.5)— — — 
Recoveries0.2 3.5 3.7 — — — 
Net Recoveries (Charge-Offs) (5.5)1.7 (3.8)— — — 
Provision for (Release of) Credit Losses36.1 2.1 38.2 (11.4)(0.2)(11.6)
Balance at End of Period$146.8 $31.9 $178.7 $24.9 $2.0 $26.9 
2022
LOANSUNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT
(In Millions)COMMERCIALPERSONALTOTALCOMMERCIALPERSONALTOTAL
Balance at Beginning of Period$105.6 $32.8 $138.4 $31.4 $2.7 $34.1 
Charge-Offs(5.3)(0.7)(6.0)— — — 
Recoveries2.7 7.5 10.2 — — — 
Net Recoveries (Charge-Offs)(2.6)6.8 4.2 — — — 
Provision for (Release of) Credit Losses13.2 (11.5)1.7 4.9 (0.5)4.4 
Balance at End of Period$116.2 $28.1 $144.3 $36.3 $2.2 $38.5 
2021
LOANS AND LEASESUNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT
(In Millions)COMMERCIALPERSONALTOTALCOMMERCIALPERSONALTOTAL
Balance at Beginning of Period$142.2 $48.5 $190.7 $57.6 $3.5 $61.1 
Charge-Offs(0.3)(0.4)(0.7)— — — 
Recoveries0.9 6.1 7.0 — — — 
Net Recoveries (Charge-Offs)0.6 5.7 6.3 — — — 
Provision for (Release of) Credit Losses(37.2)(21.4)(58.6)(26.2)(0.8)(27.0)
Balance at End of Period$105.6 $32.8 $138.4 $31.4 $2.7 $34.1 
The following table provides information regarding the recorded investments in loans and the allowance for credit losses for loans and undrawn loan commitments and standby letters of credit by segment as of December 31, 2023 and 2022.
TABLE 72: RECORDED INVESTMENTS IN LOANS
DECEMBER 31, 2023DECEMBER 31, 2022
(In Millions)COMMERCIALPERSONALTOTALCOMMERCIALPERSONALTOTAL
Loans
Evaluated on an Individual Basis$33.7 $62.6 $96.3 $63.0 $46.1 $109.1 
Evaluated on a Collective Basis25,379.1 22,141.6 47,520.7 21,572.6 21,211.6 42,784.2 
Total Loans25,412.8 22,204.2 47,617.0 21,635.6 21,257.7 42,893.3 
Allowance for Credit Losses on Loans
Evaluated on an Individual Basis11.4 2.0 13.4 10.4 — 10.4 
Evaluated on a Collective Basis135.4 29.9 165.3 105.8 28.1 133.9 
Allowance Assigned to Loans146.8 31.9 178.7 116.2 28.1 144.3 
Allowance for Undrawn Loan Commitments and Standby Letters of Credit
Evaluated on an Individual Basis— — — — — — 
Evaluated on a Collective Basis24.9 2.0 26.9 36.3 2.2 38.5 
Allowance Assigned to Undrawn Loan Commitments and Standby Letters of Credit24.9 2.0 26.9 36.3 2.2 38.5 
Total Allowance Assigned to Loans and Undrawn Loan Commitments and Standby Letters of Credit$171.7 $33.9 $205.6 $152.5 $30.3 $182.8 
Debt Securities, Held-to-maturity, Allowance for Credit Loss The following table provides information regarding changes in the total allowance for credit losses for HTM debt securities.
TABLE 73: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES RELATED TO HELD TO MATURITY DEBT SECURITIES
2023
(In Millions)CORPORATE DEBTNON-U.S. GOVERNMENTSUB-SOVEREIGN, SUPRANATIONAL, AND NON-U.S. AGENCY BONDS
OBLIGATIONS OF STATES AND POLITICAL SUBDIVISIONS(1)
COVERED BONDSOTHERTOTAL
Balance at Beginning of Period$1.9 $3.6 $4.0 $1.5 $0.1 $4.9 $16.0 
Charge-Offs— — — — — (1.2)(1.2)
Recoveries— — — — — — — 
Net Recoveries (Charge-Offs)— — — — — (1.2)(1.2)
Provision for (Release of) Credit Losses(1.0)(0.1)(1.8)(0.3)— 1.1 (2.1)
Balance at End of Period$0.9 $3.5 $2.2 $1.2 $0.1 $4.8 $12.7 
(1) The allowance for Obligations of States and Political Subdivisions is related to (non pre-refunded) municipal securities that do not fall under Northern Trust’s zero-loss assumption.
2022
(In Millions)CORPORATE DEBTNON-U.S. GOVERNMENTSUB-SOVEREIGN, SUPRANATIONAL, AND NON-U.S. AGENCY BONDS
OBLIGATIONS OF STATES AND POLITICAL SUBDIVISIONS(1)
COVERED BONDSOTHERTOTAL
Balance at Beginning of Period$1.4 $1.9 $3.0 $— $0.1 $4.8 $11.2 
Provision for Credit Losses0.5 1.7 1.0 1.5 — 0.1 4.8 
Balance at End of Period$1.9 $3.6 $4.0 $1.5 $0.1 $4.9 $16.0 
(1) The allowance for Obligations of States and Political Subdivisions is related to (non pre-refunded) municipal securities that do not fall under Northern Trust’s zero-loss assumption.
2021
(In Millions)CORPORATE DEBTNON-U.S. GOVERNMENTSUB-SOVEREIGN, SUPRANATIONAL, AND NON-U.S. AGENCY BONDSOBLIGATIONS OF STATES AND POLITICAL SUBDIVISIONSCOVERED BONDSOTHERTOTAL
Balance at Beginning of Period$0.8 $0.2 $1.2 $— $0.1 $5.0 $7.3 
Provision for Credit Losses0.6 1.7 1.8 — — (0.2)3.9 
Balance at End of Period$1.4 $1.9 $3.0 $— $0.1 $4.8 $11.2 
Schedule of Accrued Interest
The following table provides the amount of accrued interest excluded from the amortized cost basis of the following portfolios.

TABLE 74: ACCRUED INTEREST
(In Millions)DECEMBER 31, 2023DECEMBER 31, 2022
Loans$241.7 $203.1 
Debt Securities
Held to Maturity72.0 63.2 
Available for Sale129.2 147.1 
Other Financial Assets86.0 43.8 
Total$528.9 $457.2