Loans (Tables)

3 Months Ended

Mar. 31, 2024

Amounts outstanding for Loans, by segment and class, are shown in the following table.

TABLE 41: LOANS


(In Millions)	MARCH 31, 2024		DECEMBER 31, 2023
Commercial
Commercial and Institutional(1)	$	10,980.6	$	11,555.3
Commercial Real Estate	5,333.0		5,134.2
Non-U.S.(1)	2,372.7		2,778.5

Other	6,730.8		5,944.8
Total Commercial	25,417.1		25,412.8
Personal
Private Client	14,092.2		14,360.0
Residential Real Estate	6,315.2		6,327.1
Non-U.S.	387.2		428.8
Other	1,130.9		1,088.3
Total Personal	21,925.5		22,204.2
Total Loans	$	47,342.6	$	47,617.0

(1) Commercial and institutional and commercial-non-U.S. combined include $5.1 billion and $4.5 billion of private equity capital call finance loans at March 31, 2024 and December 31, 2023, respectively.

Borrower Ratings

Loan segment and class balances as of March 31, 2024 and December 31, 2023 are provided in the following table, segregated by borrower ratings into “1 to 3,” “4 to 5” and “6 to 9” (watch list and nonaccrual status) categories by year of origination at amortized cost basis. Loans that are held for investment are reported at the principal amount outstanding, net of unearned income.

TABLE 42: CREDIT QUALITY INDICATOR AT AMORTIZED COST BASIS BY ORIGINATION YEAR


March 31, 2024	TERM LOANS												REVOLVING LOANS		REVOLVING LOANS CONVERTED TO TERM LOANS
(In Millions)	2024		2023		2022		2021		2020		PRIOR						TOTAL
Commercial
Commercial and Institutional
Risk Rating:
1 to 3 Category	$	40.2	$	411.4	$	458.1	$	715.7	$	69.9	$	539.6	$	4,735.9	$	15.0	$	6,985.8
4 to 5 Category	51.1		757.9		757.4		627.1		117.6		218.3		1,196.2		78.6		3,804.2
6 to 9 Category	—		4.2		75.5		57.6		3.9		1.7		45.9		1.8		190.6
Total Commercial and Institutional	91.3		1,173.5		1,291.0		1,400.4		191.4		759.6		5,978.0		95.4		10,980.6
C&I Gross Charge-offs	—		(7.3)		(1.3)		—		—		—		—		—		(8.6)
Commercial Real Estate
Risk Rating:
1 to 3 Category	9.3		346.9		411.7		277.7		25.7		78.6		67.0		—		1,216.9
4 to 5 Category	151.9		1,617.5		1,087.7		392.9		208.6		340.6		204.5		7.8		4,011.5
6 to 9 Category	—		16.1		35.3		30.3		2.5		20.4		—		—		104.6
Total Commercial Real Estate	161.2		1,980.5		1,534.7		700.9		236.8		439.6		271.5		7.8		5,333.0
Commercial Real Estate Gross Charge-offs	—		—		(2.4)		—		—		—		—		—		(2.4)
Non-U.S.
Risk Rating:
1 to 3 Category	950.4		—		—		43.0		44.7		22.3		933.5		—		1,993.9
4 to 5 Category	176.9		26.9		0.8		—		—		100.7		58.2		—		363.5
6 to 9 Category	1.1		—		14.2		—		—		—		—		—		15.3
Total Non-U.S.	1,128.4		26.9		15.0		43.0		44.7		123.0		991.7		—		2,372.7







Other
Risk Rating:
1 to 3 Category	3,865.8		—		—		—		—		—		—		—		3,865.8
4 to 5 Category	2,865.0		—		—		—		—		—		—		—		2,865.0
Total Other	6,730.8		—		—		—		—		—		—		—		6,730.8
Other Gross Charge-offs	—		—		—		—		—		—		—		—		—
Total Commercial	8,111.7		3,180.9		2,840.7		2,144.3		472.9		1,322.2		7,241.2		103.2		25,417.1
Commercial Gross Charge-offs	—		(7.3)		(3.7)		—		—		—		—		—		(11.0)
Personal
Private Client
Risk Rating:
1 to 3 Category	28.9		472.7		109.5		49.5		60.1		96.0		5,056.1		168.2		6,041.0
4 to 5 Category	21.8		324.3		449.6		519.5		96.3		190.3		5,970.2		451.9		8,023.9
6 to 9 Category	—		16.2		0.2		—		—		—		10.9		—		27.3
Total Private Client	50.7		813.2		559.3		569.0		156.4		286.3		11,037.2		620.1		14,092.2

Residential Real Estate
Risk Rating:
1 to 3 Category	42.8		272.2		409.4		430.1		367.5		863.2		230.9		—		2,616.1
4 to 5 Category	44.3		203.3		738.1		766.8		675.2		1,042.9		161.7		—		3,632.3
6 to 9 Category	—		—		7.3		0.1		0.4		45.6		13.4		—		66.8
Total Residential Real Estate	87.1		475.5		1,154.8		1,197.0		1,043.1		1,951.7		406.0		—		6,315.2
Residential Real Estate Gross Charge-offs	—		—		—		—		—		(0.1)		—		—		(0.1)
Non-U.S.
Risk Rating:
1 to 3 Category	0.4		3.8		—		0.6		—		4.5		43.9		—		53.2
4 to 5 Category	—		23.9		15.5		23.3		—		24.9		231.0		7.4		326.0
6 to 9 Category	8.0		—		—		—		—		—		—		—		8.0
Total Non-U.S.	8.4		27.7		15.5		23.9		—		29.4		274.9		7.4		387.2

Other
Risk Rating:
1 to 3 Category	636.3		—		—		—		—		—		—		—		636.3
4 to 5 Category	494.6		—		—		—		—		—		—		—		494.6

Total Other	1,130.9		—		—		—		—		—		—		—		1,130.9

Total Personal	1,277.1		1,316.4		1,729.6		1,789.9		1,199.5		2,267.4		11,718.1		627.5		21,925.5
Personal Gross Charge-offs	—		—		—		—		—		(0.1)		—		—		(0.1)
Total Loans	$	9,388.8	$	4,497.3	$	4,570.3	$	3,934.2	$	1,672.4	$	3,589.6	$	18,959.3	$	730.7	$	47,342.6
Total Loans Gross Charge-offs (1)	$	—	$	(7.3)	$	(3.7)	$	—	$	—	$	(0.1)	$	—	$	—	$	(11.1)

(1) There was $4 million of charge-offs for the three months ended March 31, 2023.


December 31, 2023	TERM LOANS												REVOLVING LOANS		REVOLVING LOANS CONVERTED TO TERM LOANS
(In Millions)	2023		2022		2021		2020		2019		PRIOR						TOTAL
Commercial
Commercial and Institutional
Risk Rating:
1 to 3 Category	$	443.9	$	534.1	$	668.3	$	78.1	$	137.2	$	409.9	$	4,909.8	$	15.0	$	7,196.3
4 to 5 Category	801.4		790.9		729.5		138.7		120.5		178.7		1,332.4		72.0		4,164.1
6 to 9 Category	13.8		70.0		60.8		12.0		0.1		1.7		34.7		1.8		194.9
Total Commercial and Institutional	1,259.1		1,395.0		1,458.6		228.8		257.8		590.3		6,276.9		88.8		11,555.3
Commercial Real Estate
Risk Rating:
1 to 3 Category	403.6		389.9		159.1		23.9		37.8		44.8		51.0		—		1,110.1
4 to 5 Category	1,513.5		1,208.8		521.0		218.4		252.8		96.0		136.3		7.9		3,954.7
6 to 9 Category	16.1		—		30.5		—		8.2		14.6		—		—		69.4
Total Commercial Real Estate	1,933.2		1,598.7		710.6		242.3		298.8		155.4		187.3		7.9		5,134.2
CRE Gross Charge-offs	(0.7)		(4.4)		—		—		—		—		—		—		(5.1)
Non-U.S.
Risk Rating:
1 to 3 Category	487.9		—		43.2		65.2		34.2		3.3		760.0		—		1,393.8
4 to 5 Category	974.7		0.8		—		—		—		150.0		243.4		—		1,368.9
6 to 9 Category	1.5		14.3		—		—		—		—		—		—		15.8
Total Non-U.S.	1,464.1		15.1		43.2		65.2		34.2		153.3		1,003.4		—		2,778.5
Other
Risk Rating:
1 to 3 Category	4,313.2		—		—		—		—		—		—		—		4,313.2
4 to 5 Category	1,631.6		—		—		—		—		—		—		—		1,631.6
Total Other	5,944.8		—		—		—		—		—		—		—		5,944.8
Other Gross Charge-offs	(0.6)		—		—		—		—		—		—		—		(0.6)
Total Commercial	10,601.2		3,008.8		2,212.4		536.3		590.8		899.0		7,467.6		96.7		25,412.8
Commercial Gross Charge-offs	(1.3)		(4.4)		—		—		—		—		—		—		(5.7)
Personal
Private Client
Risk Rating:
1 to 3 Category	504.7		140.8		52.3		67.5		8.7		134.7		5,320.9		168.1		6,397.7
4 to 5 Category	290.1		488.2		655.1		100.9		158.8		44.7		5,721.5		447.8		7,907.1
6 to 9 Category	23.6		0.3		—		—		—		18.3		13.0		—		55.2
Total Private Client	818.4		629.3		707.4		168.4		167.5		197.7		11,055.4		615.9		14,360.0
Residential Real Estate
Risk Rating:
1 to 3 Category	278.7		464.0		500.6		373.3		142.4		722.4		219.8		—		2,701.2
4 to 5 Category	191.6		694.9		717.4		686.7		290.0		805.3		170.3		—		3,556.2
6 to 9 Category	—		10.9		—		0.7		1.6		43.6		12.9		—		69.7
Total Residential Real Estate	470.3		1,169.8		1,218.0		1,060.7		434.0		1,571.3		403.0		—		6,327.1
RRE Gross Charge-offs	(0.8)		—		—		—		—		(1.0)		—		—		(1.8)
Non-U.S.
Risk Rating:
1 to 3 Category	15.5		—		0.6		—		—		4.6		71.4		—		92.1
4 to 5 Category	12.7		16.0		39.2		—		16.4		8.9		236.1		7.4		336.7
6 to 9 Category	—		—		—		—		—		—		—		—		—
Total Non-U.S.	28.2		16.0		39.8		—		16.4		13.5		307.5		7.4		428.8
Other
Risk Rating:
1 to 3 Category	461.7		—		—		—		—		—		—		—		461.7
4 to 5 Category	626.6		—		—		—		—		—		—		—		626.6
Total Other	1,088.3		—		—		—		—		—		—		—		1,088.3
Total Personal	2,405.2		1,815.1		1,965.2		1,229.1		617.9		1,782.5		11,765.9		623.3		22,204.2
Personal Gross Charge-Offs	$	(0.8)	$	—	$	—	$	—	$	—	$	(1.0)	$	—	$	—	$	(1.8)
Total Loans	13,006.4		4,823.9		4,177.6		1,765.4		1,208.7		2,681.5		19,233.5		720.0		47,617.0
Total Loans Gross Charge-Offs	$	(2.1)	$	(4.4)	$	—	$	—	$	—	$	(1.0)	$	—	$	—	$	(7.5)

Delinquency Status

The following table provides balances and delinquency status of accrual and nonaccrual loans by segment and class, as well as the other real estate owned and nonaccrual asset balances, as of March 31, 2024 and December 31, 2023.

TABLE 43: DELINQUENCY STATUS


	ACCRUAL														NONACCRUAL WITH NO ALLOWANCE
(In Millions)	CURRENT		30 – 59 DAYS PAST DUE		60 – 89 DAYS PAST DUE		90 DAYS OR MORE PAST DUE		TOTAL ACCRUAL		NONACCRUAL		TOTAL LOANS
March 31, 2024
Commercial
Commercial and Institutional	$	10,963.0	$	7.3	$	—	$	2.7	$	10,973.0	$	7.6	$	10,980.6	$	7.6
Commercial Real Estate	5,265.2		56.0		—		6.1		5,327.3		5.7		5,333.0		5.7
Non-U.S.	2,372.7		—		—		—		2,372.7		—		2,372.7		—

Other	6,730.8		—		—		—		6,730.8		—		6,730.8		—
Total Commercial	25,331.7		63.3		—		8.8		25,403.8		13.3		25,417.1		13.3
Personal
Private Client	13,941.1		112.6		18.5		18.0		14,090.2		2.0		14,092.2		—
Residential Real Estate	6,261.2		18.5		10.8		3.0		6,293.5		21.7		6,315.2		21.7
Non-U.S.	354.8		32.4		—		—		387.2		—		387.2		—
Other	1,130.9		—		—		—		1,130.9		—		1,130.9		—
Total Personal	21,688.0		163.5		29.3		21.0		21,901.8		23.7		21,925.5		21.7
Total Loans	$	47,019.7	$	226.8	$	29.3	$	29.8	$	47,305.6	$	37.0	$	47,342.6	$	35.0
	Other Real Estate Owned										$	—
	Total Nonaccrual Assets										$	37.0


	ACCRUAL														NONACCRUAL WITH NO ALLOWANCE
(In Millions)	CURRENT		30 – 59 DAYS PAST DUE		60 – 89 DAYS PAST DUE		90 DAYS OR MORE PAST DUE		TOTAL ACCRUAL		NONACCRUAL		TOTAL LOANS
December 31, 2023
Commercial
Commercial and Institutional	$	11,374.6	$	163.7	$	0.7	$	—	$	11,539.0	$	16.3	$	11,555.3	$	4.1
Commercial Real Estate	5,123.7		4.4		6.1		—		5,134.2		—		5,134.2		—
Non-U.S.	2,778.5		—		—		—		2,778.5		—		2,778.5		—
Other	5,944.8		—		—		—		5,944.8		—		5,944.8		—
Total Commercial	25,221.6		168.1		6.8		—		25,396.5		16.3		25,412.8		4.1
Personal
Private Client	14,240.0		63.9		24.8		11.0		14,339.7		20.3		14,360.0		18.3
Residential Real Estate	6,283.0		7.5		0.5		9.1		6,300.1		27.0		6,327.1		27.0
Non-U.S	428.2		—		0.6		—		428.8		—		428.8		—
Other	1,088.3		—		—		—		1,088.3		—		1,088.3		—
Total Personal	22,039.5		71.4		25.9		20.1		22,156.9		47.3		22,204.2		45.3
Total Loans	$	47,261.1	$	239.5	$	32.7	$	20.1	$	47,553.4	$	63.6	$	47,617.0	$	49.4
	Other Real Estate Owned										$	1.5
	Total Nonaccrual Assets										$	65.1

Financing Receivable, Troubled Debt Restructuring

The following table shows the amortized cost basis of loan modifications provided to financially distressed borrowers that impacted the respective cash flows of the underlying loans as of March 31, 2024 and March 31, 2023, disaggregated by relevant class of financing receivable and type of modification provided.

TABLE 44: LOAN MODIFICATIONS MADE TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY


		THREE MONTHS ENDED MARCH 31, 2024				THREE MONTHS ENDED MARCH 31, 2023
($ In Millions)	LOAN MODIFICATION DETAIL	AMORTIZED COST BASIS		% OF TOTAL SEGMENT		AMORTIZED COST BASIS		% OF TOTAL SEGMENT
Commercial





Total Commercial		$	—	—	%	$	—	—	%
Personal


Residential Real Estate	Deferred Principal and Interest	$	—	—	%	$	2.9	0.05	%
Residential Real Estate	Extension of Term	0.1		—		—		—
Private Client	Extension of Term	0.2		—		—		—


Total Personal		$	0.3	—	%	$	2.9	0.05	%
Total Loans		$	0.3	—	%	$	2.9	0.05	%

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty.

TABLE 45: FINANCIAL EFFECT OF MODIFICATIONS MADE TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY

THREE MONTHS ENDED MARCH 31, 2024

THREE MONTHS ENDED MARCH 31, 2023

FINANCIAL EFFECT

PRINCIPAL AND INTEREST DEFERRAL

Personal

Residential Real Estate

—

Northern Trust provided a weighted average of 180 days payment deferrals to borrowers for immaterial principal and interest deferral amounts. These payments are, in general, due at the end of the deferral period.

TERM EXTENSION

Personal

Residential Real Estate

Northern Trust provided weighted average term extensions of 14 months.

—

Private Client

Northern Trust provided weighted average term extensions of 22 months.

—