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Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Allowance for Credit Loss
The following table provides information regarding changes in the total allowance for credit losses during the three months ended March 31, 2024 and 2023.
TABLE 46: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES
THREE MONTHS ENDED MARCH 31, 2024
(In Millions)LOANSUNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDITHELD TO MATURITY DEBT SECURITIESOTHER FINANCIAL ASSETSTOTAL
Balance at Beginning of Period$178.7 $26.9 $12.7 $0.9 $219.2 
Charge-Offs(11.1)— — — (11.1)
Recoveries0.7 — — — 0.7 
Net Recoveries (Charge-Offs)(10.4)— — — (10.4)
Provision for Credit Losses(1)
(5.9)(1.7)(0.3)0.1 (7.8)
Balance at End of Period$162.4 $25.2 $12.4 $1.0 $201.0 
(1) The table excludes a negative provision for credit losses of $0.7 million for the three months ended March 31, 2024 for AFS debt securities. See further detail in Note 4—Securities.
THREE MONTHS ENDED MARCH 31, 2023
(In Millions)LOANS AND LEASESUNDRAWN 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(4.0)— — — (4.0)
Recoveries1.1 — — — 1.1 
Net Recoveries (Charge-Offs) (2.9)— — — (2.9)
Provision for Credit Losses(1)
18.5 (4.2)— 0.2 14.5 
Balance at End of Period$159.9 $34.3 $16.0 $1.0 $211.2 
(1) The table excludes a provision for credit losses of $0.5 million for the three months ended March 31, 2023 for AFS debt securities. See further detail in Note 4—Securities.
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 during the three months ended March 31, 2024 and 2023.
TABLE 47: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES RELATED TO LOANS
THREE MONTHS ENDED MARCH 31, 2024
LOANSUNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT
(In Millions)COMMERCIALPERSONALTOTALCOMMERCIALPERSONALTOTAL
Balance at Beginning of Period$146.8 $31.9 $178.7 $24.9 $2.0 $26.9 
Charge-Offs(11.0)(0.1)(11.1)— — — 
Recoveries— 0.7 0.7 — — — 
Net Recoveries (Charge-Offs)(11.0)0.6 (10.4)— — — 
Provision for Credit Losses(4.1)(1.8)(5.9)(2.4)0.7 (1.7)
Balance at End of Period$131.7 $30.7 $162.4 $22.5 $2.7 $25.2 
THREE MONTHS ENDED MARCH 31, 2023
LOANS AND LEASESUNDRAWN 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(4.0)— (4.0)— — — 
Recoveries— 1.1 1.1 — — — 
Net Recoveries (Charge-Offs)(4.0)1.1 (2.9)— — — 
Provision for Credit Losses18.6 (0.1)18.5 (5.0)0.8 (4.2)
Balance at End of Period$130.8 $29.1 $159.9 $31.3 $3.0 $34.3 
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 March 31, 2024 and December 31, 2023.
TABLE 48: RECORDED INVESTMENTS IN LOANS
MARCH 31, 2024DECEMBER 31, 2023
(In Millions)COMMERCIALPERSONALTOTALCOMMERCIALPERSONALTOTAL
Loans
Evaluated on an Individual Basis$14.5 $38.7 $53.2 $33.7 $62.6 $96.3 
Evaluated on a Collective Basis25,402.6 21,886.8 47,289.4 25,379.1 22,141.6 47,520.7 
Total Loans25,417.1 21,925.5 47,342.6 25,412.8 22,204.2 47,617.0 
Allowance for Credit Losses on Loans
Evaluated on an Individual Basis0.5 2.0 2.5 11.4 2.0 13.4 
Evaluated on a Collective Basis131.2 28.7 159.9 135.4 29.9 165.3 
Allowance Assigned to Loans131.7 30.7 162.4 146.8 31.9 178.7 
Allowance for Undrawn Loan Commitments and Standby Letters of Credit
Evaluated on a Collective Basis22.5 2.7 25.2 24.9 2.0 26.9 
Allowance Assigned to Undrawn Loan Commitments and Standby Letters of Credit22.5 2.7 25.2 24.9 2.0 26.9 
Total Allowance Assigned to Loans and Undrawn Loan Commitments and Standby Letters of Credit$154.2 $33.4 $187.6 $171.7 $33.9 $205.6 
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 during the three months ended March 31, 2024 and 2023.
TABLE 49: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES RELATED TO HELD TO MATURITY DEBT SECURITIES
THREE MONTHS ENDED MARCH 31, 2024
(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$0.9 $3.5 $2.2 $1.2 $0.1 $4.8 $12.7 
Provision for Credit Losses(0.1)— (0.1)(0.1)— — (0.3)
Balance at End of Period$0.8 $3.5 $2.1 $1.1 $0.1 $4.8 $12.4 
(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.
THREE MONTHS ENDED MARCH 31, 2023
(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$1.9 $3.6 $4.0 $1.5 $0.1 $4.9 $16.0 
Provision for Credit Losses— 0.3 0.1 (0.2)— (0.2)— 
Balance at End of Period$1.9 $3.9 $4.1 $1.3 $0.1 $4.7 $16.0 
Schedule of Accrued Liabilities
The following table provides the amount of accrued interest excluded from the amortized cost basis of the following portfolios.
TABLE 50: ACCRUED INTEREST
(In Millions)MARCH 31, 2024DECEMBER 31, 2023
Loans$253.0 $241.7 
Debt Securities
Held to Maturity69.8 72.0 
Available for Sale175.0 129.2 
Other Financial Assets110.3 86.0 
Total$608.1 $528.9