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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________
FORM 10-Q
| | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2024
OR
| | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File No. 001-36609
NORTHERN TRUST CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | |
| Delaware | 36-2723087 |
(State or other jurisdiction of
incorporation or organization) | (I.R.S. Employer
Identification No.) |
| | | | | | | | |
| 50 South LaSalle Street | 60603 |
| Chicago, | Illinois | (Zip Code) |
| (Address of principal executive offices) | |
Registrant’s telephone number, including area code: (312) 630-6000
____________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, $1.66 2/3 Par Value | NTRS | The NASDAQ Stock Market LLC |
| Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred Stock | NTRSO | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
| Large accelerated filer | x | Accelerated filer | ¨ |
| | | |
| Non-accelerated filer | ¨ | Smaller reporting company | ☐ |
| | | |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
At June 30, 2024, 201,637,855 shares of common stock, $1.66 2/3 par value, were outstanding.
NORTHERN TRUST CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024
TABLE OF CONTENTS
CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | |
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, |
| CONDENSED INCOME STATEMENTS ($ In Millions) | 2024 | 2023 | % CHANGE(1) | 2024 | 2023 | % CHANGE(1) |
| Noninterest Income | $ | 2,192.6 | | $ | 1,245.6 | | 76 | % | $ | 3,311.3 | | $ | 2,459.0 | | 35 | % |
| Net Interest Income | 522.9 | | 511.5 | | 2 | | 1,051.0 | | 1,042.7 | | 1 | |
| Total Revenue | 2,715.5 | | 1,757.1 | | 55 | | 4,362.3 | | 3,501.7 | | 25 | |
| Provision for Credit Losses | 8.0 | | (15.5) | | N/M | (0.5) | | (0.5) | | N/M |
| Noninterest Expense | 1,533.9 | | 1,331.9 | | 15 | | 2,898.6 | | 2,617.5 | | 11 | |
| Income before Income Taxes | 1,173.6 | | 440.7 | | 166 | | 1,464.2 | | 884.7 | | 66 | |
| Provision for Income Taxes | 277.5 | | 108.9 | | 155 | | 353.4 | | 218.3 | | 62 | |
| Net Income | $ | 896.1 | | $ | 331.8 | | 170 | % | $ | 1,110.8 | | $ | 666.4 | | 67 | % |
| | | | | | | | | | | | | | | | | | | | |
| PER COMMON SHARE | | | | | | |
| Net Income — Basic | $ | 4.35 | | $ | 1.56 | | 179 | % | $ | 5.30 | | $ | 3.07 | | 72 | % |
| — Diluted | 4.34 | | 1.56 | | 179 | | 5.28 | | 3.07 | | 72 | |
| Cash Dividends Declared Per Common Share | 0.75 | | 0.75 | | — | | 1.50 | | 1.50 | | — | |
| Book Value — End of Period (EOP) | 58.38 | | 51.94 | | 12 | | 58.38 | | 51.94 | | 12 | |
| Market Price — EOP | 83.98 | | 74.14 | | 13 | | 83.98 | | 74.14 | | 13 | |
| | | | | | | | | | | |
| SELECTED BALANCE SHEET DATA ($ In Millions) | JUNE 30, 2024 | DECEMBER 31, 2023 | % CHANGE(1) |
| End of Period: | | | |
| Total Assets | $ | 156,797.1 | | $ | 150,783.1 | | 4 | % |
| Earning Assets | 144,445.3 | | 140,369.6 | | 3 | |
| Deposits | 122,990.9 | | 116,164.0 | | 6 | |
| Stockholders’ Equity | 12,655.8 | | 11,897.9 | | 6 | |
| | | | | | | | | | | | | | | | | | | | |
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, |
| 2024 | 2023 | % CHANGE(1) | 2024 | 2023 | % CHANGE(1) |
| Average Balances: | | | | | | |
| Total Assets | $ | 148,001.2 | | $ | 145,899.6 | | 1 | % | $ | 146,559.8 | | $ | 146,973.8 | | — | % |
| Earning Assets | 135,401.1 | | 134,116.4 | | 1 | | 134,608.9 | | 135,031.8 | | — | |
| Deposits | 113,341.6 | | 105,598.7 | | 7 | | 112,852.2 | | 108,874.0 | | 4 | |
| Stockholders’ Equity | 12,358.8 | | 11,448.7 | | 8 | | 12,071.3 | | 11,365.5 | | 6 | |
| | | | | | | | | | | |
| CLIENT ASSETS ($ In Billions) | JUNE 30, 2024 | DECEMBER 31, 2023 | % CHANGE(1) |
Assets Under Custody/Administration(2) | $ | 16,567.4 | | $ | 15,404.9 | | 8 | % |
| Assets Under Custody | 13,041.4 | | 11,916.5 | | 9 | |
| Assets Under Management | 1,526.7 | | 1,434.5 | | 6 | |
N/M - Not meaningful
(1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the Consolidated Financial Highlights.
(2) For the purposes of disclosing Assets Under Custody/Administration, to the extent that both custody and administration services are provided, the value of the assets is included only once in this amount.
SELECTED RATIOS AND METRICS
| | | | | | | | | | | | | | |
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, |
| 2024 | 2023 | 2024 | 2023 |
| Financial Ratios: | | | | |
| Return on Average Common Equity | 31.2 | % | 12.4 | % | 19.6 | % | 12.4 | % |
| Return on Average Assets | 2.44 | | 0.91 | | 1.52 | | 0.91 | |
| Dividend Payout Ratio | 17.3 | | 48.1 | | 28.4 | | 48.9 | |
Net Interest Margin(1) | 1.57 | | 1.57 | | 1.59 | | 1.60 | |
| | | | | | | | | | | | | | | | | | | | |
| JUNE 30, 2024 | DECEMBER 31, 2023 | | |
| STANDARDIZED
APPROACH | ADVANCED
APPROACH | STANDARDIZED
APPROACH | ADVANCED
APPROACH | WELL-CAPITALIZED RATIOS | MINIMUM CAPITAL RATIOS |
| Capital Ratios: | | | | | | |
| Northern Trust Corporation | | | | | | |
| Common Equity Tier 1 Capital | 12.6 | % | 13.9 | % | 11.4 | % | 13.4 | % | N/A | 4.5 | % |
| Tier 1 Capital | 13.6 | | 15.0 | | 12.3 | | 14.5 | | 6.0 | | 6.0 | |
| Total Capital | 15.5 | | 16.9 | | 14.2 | | 16.5 | | 10.0 | | 8.0 | |
| Tier 1 Leverage | 8.0 | | 8.0 | | 8.1 | | 8.1 | | N/A | 4.0 | |
| Supplementary Leverage | N/A | 9.1 | | N/A | 8.6 | | N/A | 3.0 | |
| | | | | | |
| The Northern Trust Company | | | | | | |
| Common Equity Tier 1 Capital | 12.9 | % | 14.6 | % | 12.2 | % | 14.6 | % | 6.5 | % | 4.5 | % |
| Tier 1 Capital | 12.9 | | 14.6 | | 12.2 | | 14.6 | | 8.0 | | 6.0 | |
| Total Capital | 14.6 | | 16.1 | | 13.8 | | 16.3 | | 10.0 | | 8.0 | |
| Tier 1 Leverage | 7.6 | | 7.6 | | 8.0 | | 8.0 | | 5.0 | | 4.0 | |
| Supplementary Leverage | N/A | 8.6 | | N/A | 8.5 | | 3.0 | | 3.0 | |
(1) Net interest margin is presented on a fully taxable equivalent (FTE) basis, a non-generally accepted accounting principle (GAAP) financial measure that facilitates the analysis of asset yields. The net interest margin on a GAAP basis and a reconciliation of net interest income on a GAAP basis to net interest income on an FTE basis are presented in “Reconciliation to Fully Taxable Equivalent” within the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section.
PART I – FINANCIAL INFORMATION
Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures about Market Risk
The following is management’s discussion and analysis of the financial condition and results of operations (MD&A) of Northern Trust Corporation (Corporation) for the second quarter of 2024. The following should be read in conjunction with the consolidated financial statements and related footnotes included in this report as well as the Annual Report on Form 10-K for the year ended December 31, 2023. Investors also should read the section entitled “Forward-Looking Statements.”
Certain terms used in this report are defined in the Glossary included in our Annual Report on Form 10-K for the year ended December 31, 2023.
SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS
General
The Corporation is a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals. The Corporation focuses on managing and servicing client assets through its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. Except where the context requires otherwise, the terms “Northern Trust,” “we,” “us,” “our,” “its,” or similar terms mean the Corporation and its subsidiaries on a consolidated basis.
Overview of Financial Results
Revenue for the three months ended June 30, 2024 increased $958.4 million, or 55%, to $2.72 billion in the current quarter from $1.76 billion in the prior-year quarter. The current-quarter results include a $878.4 million net gain related to the Visa transactions. For further detail on the Visa transactions, refer to Note 20—Commitments and Contingent Liabilities for further information.
Trust, Investment and Other Servicing Fees increased $69.8 million, or 6%, from $1.10 billion in the prior-year quarter to $1.17 billion in the current quarter, primarily due to favorable markets and new business.
Other Noninterest Income increased $877.2 million from $149.3 million in the prior-year quarter to $1.03 billion in the current quarter. The increase in Other Noninterest Income in the current quarter reflects the net gain related to the Visa transactions, partially offset by a loss recognized as a result of a securities repositioning related to the supplemental pension plan and impairment charges taken on certain investments.
Net Interest Income increased $11.4 million, or 2%, to $522.9 million in the current quarter as compared to $511.5 million in the prior-year quarter, primarily due to higher client deposits, partially offset by higher funding costs.
In the current quarter, there was a Provision for Credit Losses of $8.0 million, as compared to a negative Provision for Credit Losses of $15.5 million in the prior-year quarter. For additional information, refer to the Provision for Credit Losses within “Second Quarter Consolidated Results of Operations” section.
Noninterest Expense increased $202.0 million, or 15%, from $1.33 billion in the prior-year quarter to $1.53 billion in the current quarter, primarily attributable to $182.2 million of restructuring charges and other notable items, including severance-related charges of $85.2 million, a $70 million charitable commitment to the Northern Trust Foundation, higher software amortization acceleration and dispositions, and a legal settlement recorded in the current quarter.
The Provision for Income Taxes in the current quarter totaled $277.5 million, representing an effective tax rate of 23.6%. The Provision for Income Taxes in the prior-year quarter totaled $108.9 million, representing an effective tax rate of 24.7%.
Net Income per diluted common share was $4.34 in the current quarter and $1.56 in the second quarter of 2023. Net Income increased $564.3 million to $896.1 million in the current quarter from $331.8 million in the prior-year quarter. Annualized return on average common equity was 31.2% in the current quarter and 12.4% in the prior-year quarter. The annualized return on average assets was 2.44% in the current quarter as compared to 0.91% in the prior-year quarter.
Trust, Investment and Other Servicing Fees
Trust, Investment and Other Servicing Fees are based primarily on the market value of assets held in custody, managed or serviced; the volume of transactions; securities lending volume and spreads; and fees for other services rendered. Certain market value calculations on which fees are based are performed on a monthly or quarterly basis in arrears.
The components of Trust, Investment and Other Servicing Fees are provided below.
SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)
TABLE 1: TRUST, INVESTMENT AND OTHER SERVICING FEES
| | | | | | | | | | | | | | |
| THREE MONTHS ENDED JUNE 30, | | |
| ($ In Millions) | 2024 | 2023 | CHANGE |
| Asset Servicing Trust, Investment and Other Servicing Fees | | | | |
| Custody and Fund Administration | $ | 445.9 | | $ | 427.4 | | $ | 18.5 | | 4 | % |
| Investment Management | 145.7 | | 134.1 | | 11.6 | | 9 | |
| Securities Lending | 16.5 | | 21.5 | | (5.0) | | (24) | |
| Other | 42.5 | | 38.2 | | 4.3 | | 11 | |
| Total Asset Servicing Trust, Investment and Other Servicing Fees | $ | 650.6 | | $ | 621.2 | | $ | 29.4 | | 5 | % |
| Wealth Management Trust, Investment and Other Servicing Fees | | | | |
| Central | $ | 180.7 | | $ | 166.0 | | $ | 14.7 | | 9 | % |
| East | 132.7 | | 124.1 | | 8.6 | | 7 | |
| West | 103.3 | | 93.7 | | 9.6 | | 10 | |
| Global Family Office | 98.8 | | 91.3 | | 7.5 | | 8 | |
| Total Wealth Management Trust, Investment and Other Servicing Fees | $ | 515.5 | | $ | 475.1 | | $ | 40.4 | | 8 | % |
| Total Consolidated Trust, Investment and Other Servicing Fees | $ | 1,166.1 | | $ | 1,096.3 | | $ | 69.8 | | 6 | % |
Asset Servicing
Custody and Fund Administration fees, the largest component of Asset Servicing fees, are driven primarily by values of client assets under custody/administration (AUC/A), transaction volumes and the number of accounts. The asset values used to calculate these fees vary depending on the individual fee arrangements negotiated with each client. Custody fees related to asset values are client-specific and are priced based on month-end market values, quarter-end market values, or the average of month-end market values for the quarter. The fund administration fees that are asset-value-related are priced using month-end, quarter-end, or average daily balances. Investment Management fees are based generally on market values of client AUM throughout the period. Typically, the asset values used to calculate fee revenue are based on a one-month or one-quarter lag. Securities Lending revenue is affected by market values; the demand for securities to be lent, which drives volumes; and the interest rate spread earned on the investment of cash deposited by investment firms as collateral for securities they have borrowed. The Other fee category in Asset Servicing includes such products as investment risk and analytical services, benefit payments, and other services. Revenue from these products is based generally on the volume of services provided or a fixed fee.
Custody and Fund Administration fees increased from the prior-year quarter, primarily due to favorable markets and new business, partially offset by lower transaction volumes. Investment Management fees increased from the prior-year quarter, primarily due to favorable markets. Securities Lending decreased from the prior-year quarter, primarily due to lower spreads and lower volumes.
Wealth Management
Wealth Management fee income is calculated primarily based on market values and is impacted by both one-month and one-quarter lagged asset values. Fee income in the regions increased from the prior-year quarter, primarily due to favorable markets. Global Family Office fee income increased from the prior-year quarter, primarily due to favorable markets and asset inflows.
Market Indices
The following tables present selected market indices and the percentage changes year-over-year to provide context regarding equity and fixed income market impacts on the Corporation’s results.
TABLE 2: EQUITY MARKET INDICES
| | | | | | | | | | | | | | | | | | | | |
| DAILY AVERAGES | PERIOD-END |
| THREE MONTHS ENDED JUNE 30, | AS OF JUNE 30, |
| 2024 | 2023 | CHANGE | 2024 | 2023 | CHANGE |
| S&P 500 | 5,247 | | 4,205 | | 25 | % | 5,460 | | 4,450 | | 23 | % |
| MSCI EAFE (U.S. dollars) | 2,325 | | 2,121 | | 10 | | 2,315 | | 2,132 | | 9 | |
| MSCI EAFE (local currency) | 1,516 | | 1,337 | | 13 | | 1,520 | | 1,357 | | 12 | |
SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)
TABLE 3: FIXED INCOME MARKET INDICES
| | | | | | | | | | | |
| AS OF JUNE 30, |
| 2024 | 2023 | CHANGE |
| Barclays Capital U.S. Aggregate Bond Index | 2,147 | | 2,092 | | 3 | % |
| Barclays Capital Global Aggregate Bond Index | 456 | | 452 | | 1 | |
Client Assets
As noted above, AUC/A and assets under management (AUM) are two of the primary drivers of our Trust, Investment and Other Servicing Fees. For the purposes of disclosing AUC/A, to the extent that both custody and administration services are provided, the value of the assets is included only once in this amount. The following table presents AUC/A by reporting segment.
TABLE 4: ASSETS UNDER CUSTODY / ADMINISTRATION BY REPORTING SEGMENT
| | | | | | | | | | | | | | | | | |
| JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | CHANGE Q2-24/Q1-24 | CHANGE Q2-24/Q2-23 |
| ($ In Billions) |
| Asset Servicing | $ | 15,470.8 | | $ | 15,385.4 | | $ | 13,483.5 | | 1 | % | 15 | % |
| Wealth Management | 1,096.6 | | 1,087.1 | | 995.4 | | 1 | | 10 | |
| Total Assets Under Custody / Administration | $ | 16,567.4 | | $ | 16,472.5 | | $ | 14,478.9 | | 1 | % | 14 | % |
The following table presents Northern Trust’s assets under custody, a component of AUC/A, by reporting segment.
TABLE 5: ASSETS UNDER CUSTODY BY REPORTING SEGMENT
| | | | | | | | | | | | | | | | | |
| JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | CHANGE Q2-24/Q1-24 | CHANGE Q2-24/Q2-23 |
| ($ In Billions) |
| Asset Servicing | $ | 11,955.5 | | $ | 11,723.1 | | $ | 10,295.7 | | 2 | % | 16 | % |
| Wealth Management | 1,085.9 | | 1,081.0 | | 989.1 | | — | | 10 | |
| Total Assets Under Custody | $ | 13,041.4 | | $ | 12,804.1 | | $ | 11,284.8 | | 2 | % | 16 | % |
Consolidated assets under custody increased from the prior quarter, primarily reflecting favorable markets, partially offset by unfavorable currency translation. Consolidated assets under custody increased from the prior-year quarter, primarily reflecting the impact of favorable markets and client asset inflows, partially offset by unfavorable currency translation.
The following table presents the allocation of Northern Trust’s custodied assets by reporting segment.
TABLE 6: ALLOCATION OF ASSETS UNDER CUSTODY
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 |
| AS | WM | TOTAL | AS | WM | TOTAL | AS | WM | TOTAL |
| Equities | 48 | % | 62 | % | 49 | % | 47 | % | 61 | % | 48 | % | 46 | % | 60 | % | 47 | % |
| Fixed Income Securities | 31 | | 13 | | 29 | | 31 | | 13 | | 30 | | 33 | | 13 | | 31 | |
| Cash and Other Assets | 20 | | 25 | | 21 | | 20 | | 26 | | 21 | | 19 | | 27 | | 21 | |
| Securities Lending Collateral | 1 | | — | | 1 | | 2 | | — | | 1 | | 2 | | — | | 1 | |
The following table presents Northern Trust’s assets under custody by investment type.TABLE 7: ASSETS UNDER CUSTODY BY INVESTMENT TYPE | | | | | | | | | | | | | | | | | |
| ($ In Billions) | JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | CHANGE Q2-24/Q1-24 | CHANGE Q2-24/Q2-23 |
| Equities | $ | 6,381.0 | | $ | 6,172.5 | | $ | 5,328.7 | | 3 | % | 20 | % |
| Fixed Income Securities | 3,801.2 | | 3,804.2 | | 3,524.7 | | — | | 8 | |
| Cash and Other Assets | 2,698.5 | | 2,664.2 | | 2,262.6 | | 1 | | 19 | |
| Securities Lending Collateral | 160.7 | | 163.2 | | 168.8 | | (2) | | (5) | |
| Total Assets Under Custody | $ | 13,041.4 | | $ | 12,804.1 | | $ | 11,284.8 | | 2 | % | 16 | % |
SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)
The following table presents Northern Trust’s assets under management by reporting segment.
TABLE 8: ASSETS UNDER MANAGEMENT BY REPORTING SEGMENT
| | | | | | | | | | | | | | | | | |
| JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | CHANGE Q2-24/Q1-24 | CHANGE Q2-24/Q2-23 |
| ($ In Billions) |
| Asset Servicing | $ | 1,107.3 | | $ | 1,080.1 | | $ | 989.8 | | 3 | % | 12 | % |
| Wealth Management | 419.4 | | 420.6 | | 376.0 | | — | | 12 | |
| Total Assets Under Management | $ | 1,526.7 | | $ | 1,500.7 | | $ | 1,365.8 | | 2 | % | 12 | % |
Consolidated assets under management increased compared to the prior quarter, primarily reflecting favorable markets and client asset inflows. Consolidated assets under management increased compared to the prior-year quarter, primarily reflecting the impact of favorable markets.
The following table presents the allocation of Northern Trust’s assets under management by reporting segment.
TABLE 9: ALLOCATION OF ASSETS UNDER MANAGEMENT
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 |
| AS | WM | TOTAL | AS | WM | TOTAL | AS | WM | TOTAL |
| Equities | 55 | % | 58 | % | 56 | % | 56 | % | 57 | % | 56 | % | 54 | % | 55 | % | 54 | % |
| Fixed Income Securities | 11 | | 20 | | 14 | | 11 | | 21 | | 14 | | 11 | | 21 | | 14 | |
| Cash and Other Assets | 19 | | 22 | | 19 | | 18 | | 22 | | 19 | | 18 | | 24 | | 20 | |
| Securities Lending Collateral | 15 | | — | | 11 | | 15 | | — | | 11 | | 17 | | — | | 12 | |
The following table presents Northern Trust’s assets under management by investment type.
TABLE 10: ASSETS UNDER MANAGEMENT BY INVESTMENT TYPE
| | | | | | | | | | | | | | | | | |
| ($ In Billions) | JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | CHANGE Q2-24/Q1-24 | CHANGE Q2-24/Q2-23 |
| Equities | $ | 856.9 | | $ | 841.1 | | $ | 740.5 | | 2 | % | 16 | % |
| Fixed Income Securities | 211.6 | | 203.5 | | 188.7 | | 4 | | 12 | |
| Cash and Other Assets | 297.5 | | 292.9 | | 267.8 | | 2 | | 11 | |
| Securities Lending Collateral | 160.7 | | 163.2 | | 168.8 | | (2) | | (5) | |
| Total Assets Under Management | $ | 1,526.7 | | $ | 1,500.7 | | $ | 1,365.8 | | 2 | % | 12 | % |
The following table presents activity in consolidated assets under management by product.
TABLE 11: ACTIVITY IN CONSOLIDATED ASSETS UNDER MANAGEMENT BY PRODUCT
| | | | | | | | | | | | | | | | | | | | |
| | THREE MONTHS ENDED |
| (In Billions) | JUNE 30, 2024 | MARCH 31, 2024 | DECEMBER 31, 2023 | SEPTEMBER 30, 2023 | JUNE 30, 2023 |
| Beginning Balance of AUM | $ | 1,500.7 | | $ | 1,434.5 | | $ | 1,333.3 | | $ | 1,365.8 | | $ | 1,330.4 | |
| Inflows by Product | | | | | |
| Equities | 49.6 | | 38.3 | | 59.9 | | 49.5 | | 44.8 | |
| Fixed Income | 21.8 | | 15.3 | | 17.3 | | 15.0 | | 11.2 | |
| Cash and Other Assets | 655.8 | | 629.5 | | 619.3 | | 565.2 | | 551.3 | |
| Securities Lending Collateral | 57.2 | | 75.8 | | 64.0 | | 54.6 | | 53.4 | |
| Total Inflows | 784.4 | | 758.9 | | 760.5 | | 684.3 | | 660.7 | |
| Outflows by Product | | | | | |
| Equities | (53.5) | | (47.7) | | (56.0) | | (54.6) | | (54.7) | |
| Fixed Income | (18.2) | | (14.6) | | (17.9) | | (12.4) | | (10.2) | |
| Cash and Other Assets | (648.5) | | (605.0) | | (617.1) | | (559.5) | | (529.7) | |
| Securities Lending Collateral | (59.8) | | (80.0) | | (58.6) | | (61.4) | | (52.5) | |
| Total Outflows | (780.0) | | (747.2) | | (749.6) | | (687.9) | | (647.1) | |
| Net Inflows (Outflows) | 4.4 | | 11.7 | | 10.9 | | (3.6) | | 13.6 | |
| Market Performance, Currency & Other | | | | | |
| Market Performance & Other | 22.3 | | 58.8 | | 12.6 | | (24.1) | | 27.7 | |
| Currency | (0.7) | | (4.2) | | 77.7 | | (4.8) | | (5.9) | |
| Total Market Performance, Currency & Other | 21.6 | | 54.6 | | 90.3 | | (28.9) | | 21.8 | |
| Ending Balance of AUM | $ | 1,526.7 | | $ | 1,500.7 | | $ | 1,434.5 | | $ | 1,333.3 | | $ | 1,365.8 | |
SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Other Noninterest Income
The components of Other Noninterest Income are provided below.
TABLE 12: OTHER NONINTEREST INCOME
| | | | | | | | | | | | | | |
| THREE MONTHS ENDED JUNE 30, | | |
| ($ In Millions) | 2024 | 2023 | CHANGE |
| Foreign Exchange Trading Income | $ | 58.4 | | $ | 50.1 | | $ | 8.3 | | 17 | % |
| Treasury Management Fees | 9.0 | | 7.9 | | 1.1 | | 12 | |
| Security Commissions and Trading Income | 34.3 | | 36.1 | | (1.8) | | (5) | |
| Other Operating Income | 924.7 | | 55.2 | | 869.5 | | N/M |
| Investment Security Gains (Losses), net | 0.1 | | — | | 0.1 | | N/M |
| Total Other Noninterest Income | $ | 1,026.5 | | $ | 149.3 | | $ | 877.2 | | N/M |
N/M - Not meaningful
Foreign Exchange Trading Income increased compared to the prior-year quarter primarily driven by higher client volumes.
Other Operating Income increased compared to the prior-year quarter, primarily driven by the $878.4 million gain related to the net impact from the Visa transactions in the current quarter, partially offset by a loss recognized as a result of a securities repositioning related to the supplemental pension plan, and impairment charges taken on certain investments.
Net Interest Income
Net Interest Income is defined as the total of Interest Income and amortized fees on earning assets, less Interest Expense on deposits and borrowed funds, adjusted for the impact of interest-related hedging activity. Earning assets—including Federal Funds Sold, Securities Purchased under Agreements to Resell, Interest-Bearing Due From and Deposits with Banks, Federal Reserve and Other Central Bank Deposits, Securities, Loans, and Other Interest-Earning Assets—are financed by a large base of interest-bearing liabilities that include client deposits, short-term borrowings, Senior Notes and Long-Term Debt. Short-term borrowings include Federal Funds Purchased, Securities Sold Under Agreements to Repurchase, and Other Borrowings. Earning assets are also funded by noninterest-bearing funds, which include demand deposits and stockholders’ equity. Net Interest Income is subject to variations in the level and mix of earning assets and interest-bearing funds and their relative sensitivity to interest rates. In addition, the levels of nonaccruing assets and client compensating deposit balances used to pay for services impact Net Interest Income.
Net interest margin is the difference between what we earn on our assets and what we pay for deposits and other sources of funding. The direction and level of interest rates are important factors in our earnings. Net interest margin is calculated by dividing annualized Net Interest Income by average interest-earning assets.
Net Interest Income stated on a fully taxable equivalent (FTE) basis is a non-generally accepted accounting principle (GAAP) financial measure that facilitates the analysis of asset yields. Management believes an FTE presentation provides a clearer indication of net interest margins for comparative purposes. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on Net Income. A reconciliation of Net Interest Income on a GAAP basis to Net Interest Income on an FTE basis is provided in “Reconciliation to Fully Taxable Equivalent” within this MD&A.
SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)
The following tables present an analysis of average daily balances and interest rates affecting Net Interest Income and an analysis of Net Interest Income changes.
TABLE 13: AVERAGE CONSOLIDATED BALANCE SHEETS WITH ANALYSIS OF NET INTEREST INCOME
| | | | | | | | | | | | | | | | | | | | |
| (INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS) | SECOND QUARTER |
| 2024 | 2023 |
| ($ In Millions) | INTEREST | AVERAGE BALANCE | AVERAGE RATE(7) | INTEREST | AVERAGE BALANCE | AVERAGE RATE(7) |
| Interest-Earning Assets | | | | | | |
| Federal Reserve and Other Central Bank Deposits | $ | 457.6 | | $ | 35,924.1 | | 5.12 | % | $ | 398.9 | | $ | 34,380.4 | | 4.65 | % |
Interest-Bearing Due from and Deposits with Banks(1) | 31.4 | | 4,999.7 | | 2.53 | | 32.1 | | 4,573.4 | | 2.82 | |
| Federal Funds Sold | — | | 0.3 | | 5.64 | | 0.1 | | 2.9 | | 5.25 | |
Securities Purchased under Agreements to Resell(2) | 863.5 | | 731.9 | | 474.48 | | 284.3 | | 1,238.6 | | 92.09 | |
| Debt Securities | | | | | | |
| Available for Sale | 364.8 | | 26,591.4 | | 5.52 | | 254.7 | | 24,511.8 | | 4.17 | |
| Held to Maturity | 113.4 | | 23,373.8 | | 1.95 | | 112.5 | | 25,053.3 | | 1.80 | |
| Trading Account | — | | — | | — | | — | | 0.2 | | 42.53 | |
| Total Debt Securities | 478.2 | | 49,965.2 | | 3.85 | | 367.2 | | 49,565.3 | | 2.97 | |
Loans(3) | 650.7 | | 41,034.6 | | 6.38 | | 640.5 | | 42,365.4 | | 6.06 | |
Other Interest-Earning Assets(4) | 32.0 | | 2,745.3 | | 4.68 | | 25.0 | | 1,990.4 | | 5.04 | |
| Total Interest-Earning Assets | 2,513.4 | | 135,401.1 | | 7.47 | | 1,748.1 | | 134,116.4 | | 5.23 | |
Cash and Due from Banks and Other Central Bank Deposits(5) | — | | 1,802.0 | | — | | — | | 1,842.5 | | — | |
| Other Noninterest-Earning Assets | — | | 10,798.1 | | — | | — | | 9,940.7 | | — | |
| Total Assets | $ | — | | $ | 148,001.2 | | — | % | $ | — | | $ | 145,899.6 | | — | % |
| Average Source of Funds | | | | | | |
| Deposits | | | | | | |
| Savings, Money Market and Other | $ | 257.1 | | $ | 27,554.9 | | 3.75 | % | $ | 152.8 | | $ | 22,961.2 | | 2.67 | % |
| Savings Certificates and Other Time | 78.4 | | 6,027.4 | | 5.23 | | 32.0 | | 3,036.1 | | 4.23 | |
| Non-U.S. Offices — Interest-Bearing | 562.8 | | 63,216.3 | | 3.58 | | 448.7 | | 62,046.3 | | 2.90 | |
| Total Interest-Bearing Deposits | 898.3 | | 96,798.6 | | 3.73 | | 633.5 | | 88,043.6 | | 2.89 | |
| Federal Funds Purchased | 38.7 | | 3,010.7 | | 5.16 | | 87.6 | | 7,070.0 | | 4.97 | |
Securities Sold under Agreements to Repurchase(2) | 851.5 | | 574.6 | | 596.00 | | 273.4 | | 467.8 | | 234.39 | |
Other Borrowings(6) | 95.3 | | 7,053.5 | | 5.43 | | 156.5 | | 12,132.6 | | 5.17 | |
| Senior Notes | 44.1 | | 2,728.7 | | 6.50 | | 42.1 | | 2,761.1 | | 6.14 | |
| Long-Term Debt | 55.7 | | 4,071.1 | | 5.50 | | 30.4 | | 2,069.7 | | 5.89 | |
| | | | | | |
| Total Interest-Bearing Liabilities | 1,983.6 | | 114,237.2 | | 6.98 | | 1,223.5 | | 112,544.8 | | 4.36 | |
| Interest Rate Spread | — | | — | | 0.49 | | — | | — | | 0.87 | |
| Demand and Other Noninterest-Bearing Deposits | — | | 16,543.0 | | — | | — | | 17,555.1 | | — | |
| Other Noninterest-Bearing Liabilities | — | | 4,862.2 | | — | | — | | 4,351.0 | | — | |
| Stockholders’ Equity | — | | 12,358.8 | | — | | — | | 11,448.7 | | — | |
| Total Liabilities and Stockholders’ Equity | $ | — | | $ | 148,001.2 | | — | % | $ | — | | $ | 145,899.6 | | — | % |
| Net Interest Income/Margin (FTE Adjusted) | $ | 529.8 | | $ | — | | 1.57 | % | $ | 524.6 | | $ | — | | 1.57 | % |
| Net Interest Income/Margin (Unadjusted) | $ | 522.9 | | $ | — | | 1.55 | % | $ | 511.5 | | $ | — | | 1.53 | % |
(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)Includes the impact of balance sheet netting under master netting arrangements of approximately $62.9 billion and $21.3 billion for the three months ended June 30, 2024 and 2023, respectively. Excluding the impact of netting for the three months ended June 30, 2024 and 2023, the average interest rate on Securities Purchased under Agreements to Resell would be approximately 5.46% and 5.06%, respectively. Excluding the impact of netting for the three months ended June 30, 2024 and 2023, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 5.39% and 5.04%, respectively. Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when there is a legally enforceable master netting agreement.
(3)Average balances include nonaccrual loans.
(4)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.
(5)Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits on the consolidated balance sheets.
(6)Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
(7)Rate calculations are based on actual balances rather than the rounded amounts presented in the average consolidated balance sheets with analysis of Net Interest Income.
SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)
TABLE 14: ANALYSIS OF NET INTEREST INCOME CHANGES DUE TO VOLUME AND RATE(1)
| | | | | | | | | | | |
| (INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS) | THREE MONTHS ENDED JUNE 30, 2024 VS. 2023 |
| CHANGE DUE TO | |
| (In Millions) | AVERAGE BALANCE | AVERAGE RATE | NET (DECREASE) INCREASE |
| Increase (Decrease) in Net Interest Income (FTE) | | | |
| Federal Reserve and Other Central Bank Deposits | $ | 18.0 | | |