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Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Allowance for Credit Loss
The following table provides information regarding changes in the total Allowance for Credit Losses during the three and nine months ended September 30, 2024 and 2023.
TABLE 51: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES
THREE MONTHS ENDED SEPTEMBER 30, 2024
(In Millions)LOANSUNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDITHELD TO MATURITY DEBT SECURITIESOTHER FINANCIAL ASSETSTOTAL
Balance at Beginning of Period$167.7 $29.5 $10.9 $0.9 $209.0 
Charge-Offs— — — — — 
Recoveries2.4 — — — 2.4 
Net Recoveries (Charge-Offs)2.4 — — — 2.4 
Provision for Credit Losses(1)
14.7 (3.0)(3.4)0.1 8.4 
Balance at End of Period$184.8 $26.5 $7.5 $1.0 $219.8 
(1) The table excludes a negative provision for credit losses of $0.4 million for the three months ended September 30, 2024 for AFS debt securities. See further detail in Note 4—Securities.
NINE MONTHS ENDED SEPTEMBER 30, 2024
(In Millions)LOANSUNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDITDEBT SECURITIES HELD TO MATURITYOTHER FINANCIAL ASSETSTOTAL
Balance at Beginning of Period$178.7 $26.9 $12.7 $0.9 $219.2 
Charge-Offs(11.4)— — — (11.4)
Recoveries3.5 — — — 3.5 
Net Recoveries (Charge-Offs)(7.9)— — — (7.9)
Provision for Credit Losses(1)
14.0 (0.4)(5.2)0.1 8.5 
Balance at End of Period$184.8 $26.5 $7.5 $1.0 $219.8 
(1) The table excludes a negative provision for credit losses of $1.0 million for the nine months ended September 30, 2024 for AFS debt securities. See further detail in Note 4—Securities.
THREE MONTHS ENDED SEPTEMBER 30, 2023
(In Millions)LOANSUNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDITHELD TO MATURITY DEBT SECURITIESOTHER FINANCIAL ASSETSTOTAL
Balance at Beginning of Period$152.5 $26.0 $16.7 $1.0 $196.2 
Charge-Offs(0.8)— — — (0.8)
Recoveries1.1 — — — 1.1 
Net Recoveries (Charge-Offs) 0.3 — — — 0.3 
Provision for Credit Losses(1)
14.0 2.3 (1.8)0.1 14.6 
Balance at End of Period$166.8 $28.3 $14.9 $1.1 $211.1 
(1) The table excludes a negative provision for credit losses of $0.6 million for the three months ended September 30, 2023 for AFS debt securities. See further detail in Note 4—Securities.
NINE MONTHS ENDED SEPTEMBER 30, 2023
(In Millions)LOANSUNDRAWN 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(5.6)— — — (5.6)
Recoveries3.0 — — — 3.0 
Net Recoveries (Charge-Offs)(2.6)— — — (2.6)
Provision for Credit Losses(1)
25.1 (10.2)(1.1)0.3 14.1 
Balance at End of Period$166.8 $28.3 $14.9 $1.1 $211.1 
(1) The table excludes a negative provision for credit losses of $0.6 million for the nine months ended September 30, 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 and nine months ended September 30, 2024 and 2023.
TABLE 52: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES RELATED TO LOANS
THREE MONTHS ENDED SEPTEMBER 30, 2024
LOANSUNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT
(In Millions)COMMERCIALPERSONALTOTALCOMMERCIALPERSONALTOTAL
Balance at Beginning of Period$136.9 $30.8 $167.7 $27.2 $2.3 $29.5 
Charge-Offs— — — — — — 
Recoveries— 2.4 2.4 — — — 
Net Recoveries (Charge-Offs)— 2.4 2.4 — — — 
Provision for Credit Losses15.7 (1.0)14.7 (2.7)(0.3)(3.0)
Balance at End of Period$152.6 $32.2 $184.8 $24.5 $2.0 $26.5 
NINE MONTHS ENDED SEPTEMBER 30, 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)(0.4)(11.4)— — — 
Recoveries— 3.5 3.5 — — — 
Net Recoveries (Charge-Offs) (11.0)3.1 (7.9)— — — 
Provision for (Release of) Credit Losses16.8 (2.8)14.0 (0.4)— (0.4)
Balance at End of Period$152.6 $32.2 $184.8 $24.5 $2.0 $26.5 

THREE MONTHS ENDED SEPTEMBER 30, 2023
LOANSUNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT
(In Millions)COMMERCIALPERSONALTOTALCOMMERCIALPERSONALTOTAL
Balance at Beginning of Period$124.0 $28.5 $152.5 $23.3 $2.7 $26.0 
Charge-Offs(0.5)(0.3)(0.8)— — — 
Recoveries— 1.1 1.1 — — — 
Net Recoveries (Charge-Offs)(0.5)0.8 0.3 — — — 
Provision for Credit Losses13.9 0.1 14.0 2.2 0.1 2.3 
Balance at End of Period$137.4 $29.4 $166.8 $25.5 $2.8 $28.3 
NINE MONTHS ENDED SEPTEMBER 30, 2023
LOANSUNDRAWN 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(4.5)(1.1)(5.6)— — — 
Recoveries0.1 2.9 3.0 — — — 
Net Recoveries (Charge-Offs)(4.4)1.8 (2.6)— — — 
Provision for (Release of) Credit Losses25.6 (0.5)25.1 (10.8)0.6 (10.2)
Balance at End of Period$137.4 $29.4 $166.8 $25.5 $2.8 $28.3 
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 September 30, 2024 and December 31, 2023.
TABLE 53: RECORDED INVESTMENTS IN LOANS
SEPTEMBER 30, 2024DECEMBER 31, 2023
(In Millions)COMMERCIALPERSONALTOTALCOMMERCIALPERSONALTOTAL
Loans
Evaluated on an Individual Basis$38.1 $35.3 $73.4 $33.7 $62.6 $96.3 
Evaluated on a Collective Basis20,795.7 21,081.2 41,876.9 25,379.1 22,141.6 47,520.7 
Total Loans20,833.8 21,116.5 41,950.3 25,412.8 22,204.2 47,617.0 
Allowance for Credit Losses on Loans
Evaluated on an Individual Basis3.3 2.2 5.5 11.4 2.0 13.4 
Evaluated on a Collective Basis149.3 30.0 179.3 135.4 29.9 165.3 
Allowance Assigned to Loans152.6 32.2 184.8 146.8 31.9 178.7 
Allowance Assigned to Undrawn Loan Commitments and Standby Letters of Credit - Evaluated on a Collective Basis24.5 2.0 26.5 24.9 2.0 26.9 
Total Allowance Assigned to Loans and Undrawn Loan Commitments and Standby Letters of Credit$177.1 $34.2 $211.3 $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 and nine months ended September 30, 2024 and 2023.
TABLE 54: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES RELATED TO HELD TO MATURITY DEBT SECURITIES
THREE MONTHS ENDED SEPTEMBER 30, 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$0.5 $2.6 $1.7 $1.0 $0.1 $5.0 $10.9 
Provision for Credit Losses— (0.1)(0.1)— (0.1)(3.1)(3.4)
Balance at End of Period$0.5 $2.5 $1.6 $1.0 $— $1.9 $7.5 
(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.
NINE MONTHS ENDED SEPTEMBER 30, 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 (Release of) Credit Losses(0.4)(1.0)(0.6)(0.2)(0.1)(2.9)(5.2)
Balance at End of Period$0.5 $2.5 $1.6 $1.0 $— $1.9 $7.5 
(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 SEPTEMBER 30, 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$1.4 $5.4 $3.4 $1.3 $0.1 $5.1 $16.7 
Provision for Credit Losses(0.1)(0.8)(0.5)(0.1)— (0.3)(1.8)
Balance at End of Period$1.3 $4.6 $2.9 $1.2 $0.1 $4.8 $14.9 
NINE MONTHS ENDED SEPTEMBER 30, 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 (Release of) Credit Losses(0.6)1.0 (1.1)(0.3)— (0.1)(1.1)
Balance at End of Period$1.3 $4.6 $2.9 $1.2 $0.1 $4.8 $14.9 
Schedule of Accrued Liabilities
The following table provides the amount of accrued interest excluded from the amortized cost basis of the following portfolios.
TABLE 55: ACCRUED INTEREST
(In Millions)SEPTEMBER 30, 2024DECEMBER 31, 2023
Loans$220.2 $241.7 
Debt Securities
Held to Maturity75.1 72.0 
Available for Sale177.2 129.2 
Other Financial Assets79.2 86.0 
Total$551.7 $528.9