Net Interest Income (Tables)

12 Months Ended

Dec. 31, 2023

Banking and Thrift, Interest [Abstract]

Components of Net Interest Income

The components of Net Interest Income were as follows.

TABLE 95: NET INTEREST INCOME

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2023		2022		2021
Interest Income
Federal Reserve and Other Central Bank Deposits	$	1,462.3	$	472.0	$	11.3
Interest-Bearing Due from and Deposits with Banks(1)	130.1		46.6		9.1
Federal Funds Sold	0.3		0.1		—
Securities Purchased under Agreements to Resell	1,585.2		103.7		3.5
Securities – Taxable	1,534.4		899.9		658.8
– Nontaxable(2)	1.3		1.3		1.5
Loans and Leases	2,551.1		1,344.3		713.5
Other Interest-Earning Assets(3)	60.3		9.8		8.8
Total Interest Income	$	7,325.0	$	2,877.7	$	1,406.5
Interest Expense
Deposits	$	2,685.3	$	602.8	$	(61.3)
Federal Funds Purchased	256.9		34.1		(0.4)
Securities Sold under Agreements to Repurchase	1,541.1		90.7		0.2
Other Borrowings	542.5		126.2		14.2
Senior Notes	170.0		92.7		48.3
Long-Term Debt	147.2		44.0		21.1
Floating Rate Capital Debt	—		—		1.7
Total Interest Expense	$	5,343.0	$	990.5	$	23.8
Net Interest Income	$	1,982.0	$	1,887.2	$	1,382.7

(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.