Loans (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Loans

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

TABLE 48: LOANS

(In Millions)	JUNE 30, 2024		DECEMBER 31, 2023
Commercial
Commercial and Institutional(1)	$	10,812.1	$	11,555.3
Commercial Real Estate	5,266.8		5,134.2
Non-U.S.(1)	2,464.0		2,778.5
Other	2,291.1		5,944.8
Total Commercial	20,834.0		25,412.8
Personal
Private Client	14,416.5		14,360.0
Residential Real Estate	6,209.0		6,327.1
Non-U.S.	437.8		428.8
Other	237.9		1,088.3
Total Personal	21,301.2		22,204.2
Total Loans	$	42,135.2	$	47,617.0

(1) Commercial and institutional and commercial-non-U.S. combined include $4.3 billion and $4.5 billion of private equity capital call finance loans at June 30, 2024 and December 31, 2023, respectively.

Borrower Ratings

Loan segment and class balances as of June 30, 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 49: CREDIT QUALITY INDICATOR AT AMORTIZED COST BASIS BY ORIGINATION YEAR

June 30, 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	$	336.4	$	392.7	$	434.9	$	639.8	$	66.7	$	390.9	$	4,313.7	$	—	$	6,575.1
4 to 5 Category	181.3		645.8		618.1		545.9		110.7		170.9		1,545.5		87.7		3,905.9
6 to 9 Category	12.7		67.0		109.1		98.6		—		1.7		40.2		1.8		331.1
Total Commercial and Institutional	530.4		1,105.5		1,162.1		1,284.3		177.4		563.5		5,899.4		89.5		10,812.1
C&I Gross Charge-offs	—		(7.3)		(1.3)		—		—		—		—		—		(8.6)
Commercial Real Estate
Risk Rating:
1 to 3 Category	48.7		453.4		318.3		195.1		25.7		37.2		68.8		—		1,147.2
4 to 5 Category	197.9		1,550.5		1,153.5		460.3		183.1		300.3		177.1		5.3		4,028.0
6 to 9 Category	12.7		16.0		35.1		17.2		4.4		6.2		—		—		91.6
Total Commercial Real Estate	259.3		2,019.9		1,506.9		672.6		213.2		343.7		245.9		5.3		5,266.8
Commercial Real Estate Gross Charge-offs	—		—		(2.4)		—		—		—		—		—		(2.4)
Non-U.S.
Risk Rating:
1 to 3 Category	770.7		—		—		31.0		—		30.3		783.1		—		1,615.1
4 to 5 Category	490.6		61.2		0.8		—		—		130.0		151.7		—		834.3
6 to 9 Category	0.6		—		14.0		—		—		—		—		—		14.6
Total Non-U.S.	1,261.9		61.2		14.8		31.0		—		160.3		934.8		—		2,464.0
Other
Risk Rating:
1 to 3 Category	1,052.1		—		—		—		—		—		—		—		1,052.1
4 to 5 Category	1,239.0		—		—		—		—		—		—		—		1,239.0
Total Other	2,291.1		—		—		—		—		—		—		—		2,291.1
Other Gross Charge-offs	—		—		—		—		—		—		—		—		—
Total Commercial	4,342.7		3,186.6		2,683.8		1,987.9		390.6		1,067.5		7,080.1		94.8		20,834.0
Commercial Gross Charge-offs	—		(7.3)		(3.7)		—		—		—		—		—		(11.0)
Personal
Private Client
Risk Rating:
1 to 3 Category	130.8		418.8		95.6		19.6		13.9		57.3		5,169.4		167.6		6,073.0
4 to 5 Category	69.5		330.1		400.2		514.2		128.5		180.7		6,238.0		454.4		8,315.6
6 to 9 Category	—		16.4		—		—		—		—		11.5		—		27.9
Total Private Client	200.3		765.3		495.8		533.8		142.4		238.0		11,418.9		622.0		14,416.5
Private Client Gross Charge-offs	—		—		—		—		—		(0.3)		—		—		(0.3)
Residential Real Estate
Risk Rating:
1 to 3 Category	103.5		244.7		463.2		413.6		286.6		854.3		191.4		—		2,557.3
4 to 5 Category	89.3		212.1		668.5		723.4		735.5		975.4		179.0		2.1		3,585.3
6 to 9 Category	—		—		7.3		—		0.6		42.6		15.9		—		66.4
Total Residential Real Estate	192.8		456.8		1,139.0		1,137.0		1,022.7		1,872.3		386.3		2.1		6,209.0
Residential Real Estate Gross Charge-offs	—		—		—		—		—		(0.1)		—		—		(0.1)
Non-U.S.
Risk Rating:
1 to 3 Category	1.3		1.2		—		—		—		6.2		101.2		—		109.9
4 to 5 Category	17.1		18.2		15.5		39.2		—		21.1		201.5		7.4		320.0
6 to 9 Category	7.9		—		—		—		—		—		—		—		7.9
Total Non-U.S.	26.3		19.4		15.5		39.2		—		27.3		302.7		7.4		437.8
Other
Risk Rating:
1 to 3 Category	168.8		—		—		—		—		—		—		—		168.8
4 to 5 Category	69.1		—		—		—		—		—		—		—		69.1
Total Other	237.9		—		—		—		—		—		—		—		237.9
Total Personal	657.3		1,241.5		1,650.3		1,710.0		1,165.1		2,137.6		12,107.9		631.5		21,301.2
Personal Gross Charge-offs	—		—		—		—		—		(0.4)		—		—		(0.4)
Total Loans	$	5,000.0	$	4,428.1	$	4,334.1	$	3,697.9	$	1,555.7	$	3,205.1	$	19,188.0	$	726.3	$	42,135.2
Total Loans Gross Charge-offs	$	—	$	(7.3)	$	(3.7)	$	—	$	—	$	(0.4)	$	—	$	—	$	(11.4)

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 June 30, 2024 and December 31, 2023.

TABLE 50: 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
June 30, 2024
Commercial
Commercial and Institutional	$	10,721.6	$	19.3	$	9.4	$	54.2	$	10,804.5	$	7.6	$	10,812.1	$	7.6
Commercial Real Estate	5,244.3		16.8		—		—		5,261.1		5.7		5,266.8		—
Non-U.S.	2,458.6		5.0		—		0.4		2,464.0		—		2,464.0		—
Other	2,291.1		—		—		—		2,291.1		—		2,291.1		—
Total Commercial	20,715.6		41.1		9.4		54.6		20,820.7		13.3		20,834.0		7.6
Personal
Private Client	14,220.5		144.7		23.4		25.9		14,414.5		2.0		14,416.5		—
Residential Real Estate	6,160.1		22.3		3.3		0.1		6,185.8		23.2		6,209.0		23.2
Non-U.S.	416.7		21.1		—		—		437.8		—		437.8		—
Other	237.9		—		—		—		237.9		—		237.9		—
Total Personal	21,035.2		188.1		26.7		26.0		21,276.0		25.2		21,301.2		23.2
Total Loans	$	41,750.8	$	229.2	$	36.1	$	80.6	$	42,096.7	$	38.5	$	42,135.2	$	30.8
	Other Real Estate Owned										$	—
	Total Nonaccrual Assets										$	38.5

	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 June 30, 2024 and June 30, 2023, disaggregated by relevant class of financing receivable and type of modification provided.

TABLE 51: LOAN MODIFICATIONS MADE TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY

		THREE MONTHS ENDED JUNE 30, 2024				SIX MONTHS ENDED JUNE 30, 2024
($ In Millions)	LOAN MODIFICATION DETAIL	AMORTIZED COST BASIS		% OF TOTAL SEGMENT		AMORTIZED COST BASIS		% OF TOTAL SEGMENT
Personal
Residential Real Estate	Extension of Term	$	—	—	%	0.1		—
Private Client	Extension of Term	$	—	—	%	0.2		—
Total Personal		$	—	—	%	$	0.3	—	%
Total Loans		$	—	—	%	$	0.3	—	%

(1) Loan modifications were immaterial for the three months ended June 30, 2024.

		THREE MONTHS ENDED JUNE 30, 2023				SIX MONTHS ENDED JUNE 30, 2023
($ In Millions)	LOAN MODIFICATION DETAIL	AMORTIZED COST BASIS		% OF TOTAL SEGMENT		AMORTIZED COST BASIS		% OF TOTAL SEGMENT
Commercial
Commercial Real Estate (1)	Combination of principal and/or interest deferral and extension of term	—		—		—		—
Total Commercial		$	—	—	%	$	—	—	%
Personal
Residential Real Estate	Deferred Principal and Interest	$	0.2	—	%	$	3.1	0.05	%
Private Client (1)	Extension of Term	—		—		—		—
Total Personal		$	0.2	—	%	$	3.1	0.05	%
Total Loans		$	0.2	—	%	$	3.1	0.05	%

(1) During the three months ended June 30, 2023, Northern Trust provided $32.5 million of combination of principal and/or interest deferral and term extensions for the commercial real estate portfolio and $0.2 million of term extensions for the private client portfolio for which the respective loans had no amortized cost basis as of the end of the period. The $32.5 million loan has been fully repaid as of June 30, 2023.

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

TABLE 52: FINANCIAL EFFECT OF MODIFICATIONS MADE TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY

	THREE MONTHS ENDED JUNE 30, 2024	SIX MONTHS ENDED JUNE 30, 2024
	FINANCIAL EFFECT	FINANCIAL EFFECT
TERM EXTENSION
Personal
Residential Real Estate	N/A	Northern Trust provided weighted average term extensions of 14 months.
Private Client	N/A	Northern Trust provided weighted average term extensions of 22 months.

	THREE MONTHS ENDED JUNE 30, 2023	SIX MONTHS ENDED JUNE 30, 2023
	FINANCIAL EFFECT	FINANCIAL EFFECT
PRINCIPAL AND INTEREST DEFERRAL
Commercial
Commercial Real Estate	Northern Trust provided a weighted average of 6 months payment deferrals to borrowers for total deferred principal and interest of $32.5 million.	Northern Trust provided a weighted average of 6 months payment deferrals to borrowers for total deferred principal and interest of $32.5 million.
Personal
Residential Real Estate	Northern Trust provided payment deferrals to borrowers for immaterial principal and interest deferral amounts.	Northern Trust provided a weighted average of 9 months payment deferrals to borrowers for immaterial principal and interest deferral amounts.
TERM EXTENSION
Commercial
Commercial Real Estate	Northern Trust provided weighted average term extensions of 6 months.	Northern Trust provided weighted average term extensions of 6 months.
Personal
Private Client	Northern Trust provided weighted average term extensions of 60 months.	Northern Trust provided weighted average term extensions of 60 months.