Reporting Segments and Related Information (Tables)

12 Months Ended

Dec. 31, 2024

Information and Performance by Reporting Segments

The following tables reflect the earnings contribution and certain average balances of Northern Trust’s reporting segments for the years ended December 31, 2024, 2023, and 2022. Segment results are stated on an FTE basis which has no impact on net income.

TABLE 120: RESULTS OF REPORTING SEGMENTS


($ In Millions)	ASSET SERVICING						WEALTH MANAGEMENT
FOR THE YEAR ENDED DECEMBER 31	2024		2023		2022		2024		2023		2022
Noninterest Income
Trust, Investment and Other Servicing Fees	$	2,632.8	$	2,461.9	$	2,496.3	$	2,095.0	$	1,899.9	$	1,936.3
Foreign Exchange Trading Income (Loss)	247.2		213.0		281.0		(16.0)		(9.1)		7.6
Other Noninterest Income	271.9		263.4		250.7		140.3		150.8		137.7
Total Noninterest Income	3,151.9		2,938.3		3,028.0		2,219.3		2,041.6		2,081.6
Net Interest Income(1)	1,216.0		1,197.3		1,072.7		993.4		842.2		860.1
Revenue(1)	4,367.9		4,135.6		4,100.7		3,212.7		2,883.8		2,941.7
Provision for Credit Losses	(4.6)		0.5		2.4		8.8		24.0		9.6
Noninterest Expense
Compensation	1,016.3		970.2		948.5		578.0		557.8		520.4
Employee Benefits	201.5		197.1		190.7		87.7		84.2		86.8
Outside Services	437.0		449.8		433.5		45.2		41.9		41.3
Allocated Expense	1,660.5		1,469.5		1,344.8		1,202.5		1,125.4		1,109.2
Other Segment Items(2)	175.4		186.6		175.2		77.6		73.0		57.8
Total Noninterest Expense	3,490.7		3,273.2		3,092.7		1,991.0		1,882.3		1,815.5
Income before Income Taxes(1)	881.8		861.9		1,005.6		1,212.9		977.5		1,116.6
Provision for Income Taxes(1)	193.7		187.1		243.2		304.9		245.9		310.0
Net Income	$	688.1	$	674.8	$	762.4	$	908.0	$	731.6	$	806.6
Percentage of Consolidated Net Income	34%		61%		57%		45%		66%		60%
Average Assets	$	107,784.1	$	101,472.6	$	115,646.4	$	38,482.6	$	41,176.6	$	36,905.5
Average Loans	$	6,315.5	$	7,372.6	$	7,208.0	$	34,601.2	$	34,804.4	$	33,822.6
Average Deposits	$	86,775.3	$	81,812.6	$	96,166.1	$	25,558.2	$	23,432.9	$	29,426.3

(1) Financial measures stated on an FTE basis.

(2) Other Segment Items include Occupancy, Equipment & Software and Other Operating Expense.


($ In Millions)	OTHER						TOTAL CONSOLIDATED
FOR THE YEAR ENDED DECEMBER 31	2024		2023		2022		2024		2023		2022
Noninterest Income
Trust, Investment and Other Servicing Fees	$	—	$	—	$	—	$	4,727.8	$	4,361.8	$	4,432.6
Foreign Exchange Trading Income	—		—		—		231.2		203.9		288.6
Other Noninterest Income (Loss)	742.1		(188.4)		(235.6)		1,154.3		225.8		152.8
Total Noninterest Income	742.1		(188.4)		(235.6)		6,113.3		4,791.5		4,874.0
Net Interest Income	(32.3)		(57.5)		(45.6)		2,177.1		1,982.0		1,887.2
Revenue	709.8		(245.9)		(281.2)		8,290.4		6,773.5		6,761.2
Provision for Credit Losses	(7.2)		—		—		(3.0)		24.5		12.0
Noninterest Expense
Compensation	876.8		793.8		779.1		2,471.1		2,321.8		2,248.0
Employee Benefits	128.6		123.9		159.9		417.8		405.2		437.4
Outside Services	515.8		414.8		405.5		998.0		906.5		880.3
Allocated Expense	(2,863.0)		(2,594.9)		(2,454.0)		—		—		—
Other Segment Items(1)	1,494.0		1,391.1		1,184.2		1,747.0		1,650.7		1,417.2
Total Noninterest Expense	152.2		128.7		74.7		5,633.9		5,284.2		4,982.9
Income before Income Taxes	564.8		(374.6)		(355.9)		2,659.5		1,464.8		1,766.3
Provision for Income Taxes	129.8		(75.5)		(122.9)		628.4		357.5		430.3
Net Income	$	435.0	$	(299.1)	$	(233.0)	$	2,031.1	$	1,107.3	$	1,336.0
Percentage of Consolidated Net Income	21%		(27)%		(17)%		100%		100%		100%
Average Assets	$	366.8	$	—	$	—	$	146,633.5	$	142,649.2	$	152,551.9
Average Loans	$	—	$	—	$	—	$	40,916.7	$	42,177.0	$	41,030.6
Average Deposits	$	366.8	$	—	$	—	$	112,700.3	$	105,245.5	$	125,592.4

(1) Other Segment Items include Occupancy, Equipment & Software and Other Operating Expense.

The following table summarizes Northern Trust’s performance based on the allocation process described above without regard to guarantors or the location of collateral.

TABLE 121: DISTRIBUTION OF TOTAL ASSETS AND OPERATING PERFORMANCE


($ In Millions)	TOTAL ASSETS		% OF TOTAL		TOTAL REVENUE(1)		% OF TOTAL		INCOME BEFORE INCOME TAXES		% OF TOTAL		NET INCOME		% OF TOTAL
2024
Non-U.S.	$	43,173.2	28	%	$	2,244.5	27	%	$	569.2	21	%	$	429.9	21	%
U.S.	112,335.2		72	%	6,045.9		73	%	2,090.3		79	%	1,601.2		79	%
Total	$	155,508.4	100	%	$	8,290.4	100	%	$	2,659.5	100	%	$	2,031.1	100	%
2023
Non-U.S.	$	39,661.5	26	%	$	2,156.1	32	%	$	473.7	32	%	$	354.0	32	%
U.S.	111,121.6		74	%	4,617.4		68	%	991.1		68	%	753.3		68	%
Total	$	150,783.1	100	%	$	6,773.5	100	%	$	1,464.8	100	%	$	1,107.3	100	%
2022
Non-U.S.	$	35,991.3	23	%	$	2,273.3	34	%	$	560.9	32	%	$	420.2	31	%
U.S.	119,045.4		77	%	4,487.9		66	%	1,205.4		68	%	915.8		69	%
Total	$	155,036.7	100	%	$	6,761.2	100	%	$	1,766.3	100	%	$	1,336.0	100	%

(1) Total revenue is comprised of net interest income and noninterest income.